Sforex

USDollar next week: Double top Pattern + Retail Sales

INDEX:DXY   U.S. Dollar Index
196 0 5
Next week, there is one piece of US data we should take a look :

- US Retail Sales.

In my opinion, I believe this data will be positive, with the pickup of US CPI             last week, Retail Sales would follow US CPI             and reflect the improvement of US consumer spending.

However, the problem is that US Retail Sales is released until Thursday, and how USDollar             performs from Monday to Thursday is a big question.

The 'sell-off" of Dollar after payrolls was explained mainly come from profit taking, and I think this should continue next week : IT 'S TOO SOON TO TALK ABOUT RATE HIKE IN SEPTEMBER.

Hence, I keep my cautious viewpoint about bullish trend of USDollar             , and I will take risk in continuing buying greenback.

- Technical Analysis

I see SMA50 + SMA100 converge t 96.28 : This is strong support.

While DXY             once rejects the key resistance at 98.15

The price action of DXY             set a case for DOUBLE TOPS PATTERN I SHOW ON THE CHART.

That why I believe USDollar             should fall from the resistance to finish the pattern, and retest the support 96.30
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