The US Dollar Index (DXY) was modestly higher in thin trading conditions. Bearish hourly diverging studies limited a sustained move above 130-day moving average resistance. Meanwhile, only an hourly close below intraday support at 80.33 will question the short-term bullish tone.
The Australian Dollar was the outperformer despite the slightly dovish RBA minutes. The Aussie continues to extend to multi-decade highs against the Pound and Euro. The AUD/USD looks to re-test a key Fibonacci retracement at 1.0031 (76.4% of the November relapse).
The Euro was the weakest currency as debt concerns continue to linger despite supportive words by the Chinese government. The EUR/USD managed to rebound after re-testing 1.3085, the 50% retracement level of the June/November upmove. Bullish diverging hourly studies have provided support, but the pair will need to clear the 1.3190/1.3205 formerly supportive region to hint of a possible base.
[STRATEGY UPDATE] LONG GBP/USD at 1.5449, targeting 1.5555 1st, stop-loss at 1.5394

Views: 2


You need to be a member of Forex Social Network to add comments!


Join us on Facebook Now!!!

Hi everyone

This website was closed June 2nd 2015.

Please, join us now at Facebook where you can keep sharing your thoughts about Forex with our community of traders:

OVER 2,500 READERS!!!!

© 2015   Created by FXStreet.

Badges  |  Report an Issue  |  Terms of Service


Live Video