As we await the CPI release on NY Open. It seems that the USD has been showing strength in the past week. However it is currently rejecting a resistance of 92.780 on the DXY.
To add on to that, most USD pairs are having a small consolidation favoring bullish USD. I will be looking to long the dollar as a trend-continuation strategy if the resistance on DXY is broken. However, I would definitely wait on a string confirmation candle on the pairs before taking any trade. Will wait and see what happens post-CPI release.
To add on to that, most USD pairs are having a small consolidation favoring bullish USD. I will be looking to long the dollar as a trend-continuation strategy if the resistance on DXY is broken. However, I would definitely wait on a string confirmation candle on the pairs before taking any trade. Will wait and see what happens post-CPI release.
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Update: The DXY failed to break above the resistance. Although we see a rejection from 72.780, it hasn't formed any bearish structure. I will await the release of the CPI later today
