Sforex

USDollar: Could it break the year high ?.Incoming data answer.

TVC:DXY   U.S. Dollar Index
269 1 4
I see that USDollar             is in a dangerous situation when it has moved too far from Kumo cloud.

Current level is at year high. However, I think this rally of USDollar             is unusual. The fact is although USDollar             contacted year high, major currency pairs haven't tested their lowest or highest levels this year : EURUSD             , NZDUSD             , USDJPY             , AUDUSD             , GBPUSD             , USDCAD             . But I have one point.

Look at on the chart I mark two vertical arrows indicate recent two strongest rallies of USDollar             in this year.

These two strongest rallies have a similar point: Both move too far from Kumo cloud with the same distance.

I fear USDollar             could face a large bounce.

However, I hope my view is wrong because incoming data could support USDollar             to break the YEAR HIGH.

ECB Meeting and Payrolls are two important piece of data this week.

If ECB cut rate and extend QE , plus strong payrolls, USDollar             easily breaks the year high and move higher.

If ECB postpone to take action and payrolls is negative, USDollar             definitely contracts agressively.

I think USDollar             is enough momentum to break the year high.
Good opportunity to buy the dip then right?
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