The USD got under some pressure last Friday following the ugly University of Michigan survey where consumer sentiment got revised lower and long-term inflation expectations higher. The market responded by increasing more aggressively the expectations for more easing from the Fed which triggered some short-term weakness in the greenback.
That reaction was eventually reversed as we got some positive news on the tariffs front over the weekend that saw the market paring back some of those aggressive rate cuts bets. Unfortunately, there’s still lots of noise around tariffs and it’s hard to trust anything until the official unveiling of the plan today at 16:00 ET/20:00 GMT.
There are more straightforward opportunities in other markets in my opinion.
From a technical perspective, on the 4 chart above, we can see that the price is now trading near the upper bound of the month-long range. This is where we can expect the sellers to step in with a defined risk above the resistance to position for a drop into the support targeting a break below it. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the 0.90 handle next.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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