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Levels Hold And The US Dollar Strengthens

By Axi (Greg McKenna)ForexJul 04, 2017 13:09

au.investing.com/analysis/levels-hold-and-the-us-dollar-strengthens-200195946

Levels Hold And The US Dollar Strengthens

By Axi (Greg McKenna) | Jul 04, 2017 13:09

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Originally published by AxiTrader

Welcome to the Forex Today column.

In it, I'll be trying to add a bit more colour and a lot more charts than I do in my broader overnight market Wrap I do first thing every morning to set myself and my trading up for each day and each week.

RECAP

The US dollar made a comeback during the first trading day of the new quarter as traders lacked either the conviction, or catalysts, to push through the numerous important levels that so many US dollar pairs were at or near.

As a result the euro, yen, pound, Canadian dollar, kiwi, Aussie, and almost the entire forex universe is lower against the US dollar this morning.

Part of that was improved data from the US, part of it was backtracking at the ECB, and part of it as I've highlighted was the presence of levels and lack of catalysts.

And while the US 4th of July holiday is likely to sap traders appetite for action and trades as we head toward US non-farm payrolls on Friday night the chances of further US dollar gains are high.

HERE'S A DEEPER DIVE - IN A LITTLE MORE DETAIL AND WITH A FEW CHARTS

As I noted yesterday the easy money had been made, the path of least resistance walked, when it came to recent moves against the US dollar. So many US dollar pairs were at or near important technical levels as at Friday’s close and pretty much all of them have backed off during the first day’s grade for the quarter. Having pushed to these extremes it is up to traders to really question whether or not they want to buy euro, yen, Aussie and other currencies against the US dollar at those levels. So far the answer is no. And so far the data overnight helped the US dollar. Non-farms Friday – did I mention I’ll be surfing in Bali

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