Forex NewsLetter: US Dollar Index Recovers Amid ISM Data

Forex NewsLetter: US Dollar Index Recovers Amid ISM Data

The forex newsletter for the day is here. Without further adieu, let’s dive in!

Dollar Index

Sell around 104.30—104.20
Down side Targets Looks 103.80—103.30
Stop loss above 104.80


Buy above $2370
Upside Target Looks $2380—$2385
Stop-loss below $2358


sell below $30.00
Downside Target Looks $29.50—$29.00
Stop-loss above $30.90


Buy Above $4.67
Upside Target Look $4.73—$4.80
Stop Loss below $4.61


Crude Oil is Trading Around $73.50

(Yesterday we have given buy above $73.55. First target done)

Sell below $74.00
Downside Target $73.00—$72.00
Stop-loss above $75.00


(Yesterday we have given buy around 18800. Both target done)

Buy above 19120

Upside side Target Looks 19220—19400
Stop-loss Below-19000

S&P 500 E-Mini

Buy above 5380
Stop loss above 5350
Upside Target Looks 5410—5450


Sell below 0.96800
Stop Loss above 0.97150
Target- 0.96500

US Dollar Index Sees Small Recovery Amid ISM Data, Eyes ECB Rate Cut and NFP Report

The recent sell-off has pushed the US dollar index below all three simple moving averages and has broken a multi-month series of higher lows. The 200-day SMA, the recent uptrend, and the 38.2% Fibonacci retrenchment are all acting as near-term resistance. Friday’s US Jobs Report (NFP) has now become the main release of note, and any further signs of weakness in the US jobs market could cause the dollar to fall further. US dollar traders should also follow tomorrow’s ECB policy decision, where President Lagarde is expected to announce a 25 basis point interest rate cut. If Ms. Lagarde hints at a second cut at the July meeting, the Euro will weaken, giving the US dollar index a boost. The Euro makes up around 58% of the dollar index.

Also Read: Forex Outlook: EURUSD is in focus today ahead of the ECB interest rate decision!, News Today: Can ECB’s Rate Choice Alter Today’s Sentiment and Take the Spotlight?

Recommended Read: Breaking Down 5 Technical Analysis Myths: Let’s Get the Facts Straight!

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