The greenback, in terms of the US Dollar Index (DXY), so far manages well to keep business above the critical 94.00 barrier amidst a firm bias towards the risk-on trade. What next should traders expect? Gain insight into the following 10 July US Dollar Index Technical Forecast.
10 July, GKFX – The index is prolonging the positive start of the week, up for the second consecutive session and regaining the 94.00 mark and beyond against the backdrop of an improved sentiment in the risk complex.
In fact, risk sentiment prompted JPY sellers to quickly step in and drive USDJPY lower, sustaining at the same time the ongoing up move in the buck while the rebound in yields of the key US 10-year note also collaborates with the upside.
US JOLTs Job Openings next of relevance in the US calendar
In the US data space, JOLTs Job Openings for the month of May are due next followed by the weekly report on US crude oil supplies by the American Petroleum Institute (API).
10 July US Dollar Index Technical Forecast
As of writing the index is up 0.05% at 94.11 facing the next hurdle at 94.23 (high Jul.10) followed by 94.42 (10-day sma) and then 94.65 (21-day sma). On the flip side, a break below 93.71 (low Jul.9) would target 93.19 (low Jun.14) en route to 93.12 (38.2% Fibo of April-June up move).
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