June has historically been a relatively strong month for EUR/USD and AUD/USD going back to the Bretton Woods Agreement in 1971 - see the other seasonal trends for June!
The US Dollar held a strong trend through the first three weeks of April but for the past month, it’s been stalled at a major spot on the chart. Is a larger turn in store for the greenback?
The USD has continued to soften from the 102 resistance that came into play last week, but from the daily chart bulls still have a chance as they’ve put up a fight to support prior resistance.
USD bears had open invitation to re-take control of the trend at the start of this week, but so far have been stalled at higher-low support with bulls coming in with defense.
The weekly USD bar doesn’t look all that strong but the context matters, as USD bulls have so far defended higher-low support from the daily chart.
The US dollar surged after a US–China trade breakthrough, driving breakouts in USD/JPY and USD/CAD, while AUD/USD faltered near key support.
Positioning on the US dollar continues to suggest an oversold market. USD/CAD is rebounding in line with my bias, and large speculators have began betting against the Japanese yen.
The US dollar rallied Thursday as Trump secured a UK trade deal and boosted optimism ahead of key US–China negotiations, sending the yen sharply lower.
It was a big week for the USD and next week is another, as the FOMC rate decision takes place on Wednesday and DXY is still holding on to a bounce.
USD/CAD eyes a bounce from key support, GBP/USD faces mean reversion risk, and gold’s sharp drop pauses at support — but bears may not be done yet.
May has historically seen weakness in EUR/USD, GBP/USD, and AUD/USD going back to the Bretton Woods Agreement in 1971 - will that be the case this year?
The next week is big for the U.S. Dollar with Core PCE, NFP and the FOMC. This webinar looks at several setups around the USD.
