sugardaddyFED

Dollar Run Up or Down?

INDEX:DXY   U.S. Dollar Index
A double bottom in the dollar as it found support at 61.8% - 94.86 - created a strong hammer reversal.

Better NFP data will give the dollar bulls momentum to rally higher and retake 20 ma - 95.49 and if possible mount an attack on the 100 ma at 96.00. It will be very impressive if it can break above 50 ma and close above it at 96.50.

Bad NFP data will give the bears more ammo to break below 61.8% at 94.86 and resume lower with the next support at 76.4% at 94.18 and previous low at 93.45 - 93.08 levels.

Overall, we are slightly bearish since today price action did not close above 20 dma even though it was a bullish hammer that could suggest a reversal is due.
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