Sforex
Short

USDollar: Payrolls : The saver of Greenback.

INDEX:DXY   U.S. Dollar Index
123 0 4
Next 48h, market shifts attention to Nonfarm payrolls data.

As usual, I will post Payroll Heatmap on my FB             page, Twitter, and webiste to forecast payroll data. Please check it on Thursday night for more detail.

Traders still hold a massive of LONG position of USD, and what I worry is that coming payroll data could be negative then wipe out more LONG position of USD.

We all expect a positive number to encourage traders continue putting their faith on greenback.

US data recently was mixed so that it's very difficult to position in FX market. I think we are very patient about US data.
- EZ economy performs very well: Inflation soared to 0.9%
- Australia GDP is stable at 2.3% beat the forecast.

If payrolls is worse than consensus, Definitely USDollar             would be SELL agressively across the board in this month.

- I come back Technical Analysis .

Look at on the chart.

The red bearish arrow I draw on the chart : DXY             rejected Kumo cloud and then move down. We need a break above Kumo cloud to confirm the uptrend. Now I see DXY             bounces from Kumo cloud --> signal for continued downtrend.

The next problem, RSI Indicator
30 is the strong support: RSI tested this level three times then up to 62.50 : This is also a strong resistance.

I draw three black arrows show that RSI bounces from this level three times. I'm afraid that RSI would move down to support at 30 .

Levels to watch:

- Resistance at at 97.82
- Support at 93.25

And what is my view ?.

I think DXY             would retest support 93.25 and RSI indicator will back to 30

I likely BUY EURUSD             and SELL GBPUSD             while keep BUY USDCAD             .

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