U.S. Dollar Bulls Need a Break Above Last Week’s High
2023.06.05 08:10
The collapsed ahead of the Nonfarm payroll, unexpectedly breaking support at 103.90/70 & taking out the lows for the previous 5 days.
However, on Friday we reversed & shot higher through first resistance at 103.80/104.00 so this was bit of a nonsense.
Key resistance at 104.00/104.10. So holding above here is a buy signal & holding below here is a sell signal for the start of this week. Obviously, the bulls need a break above last week’s high at 104.70 for another buy signal this week.
We should have strong support at 103.35/25.
totally confusing as we race back above what should have been resistance at the March & May low. I have no idea what to suggest at this stage.
strong resistance at 6135/45. shorts need stops above 6165.
Targets: 6090, 6050
shorts at resistance at 9120/40 worked, taking profit at 9080.
Resistance again at 9120/40, but shorts need stops above 9160. A break higher is a buy signal as long as we then hold above 9140/20, targeting 9180, 9220 & 9280.
