Where is the Dollar heading next ?
• Dollar has been showing weakness in recent weeks as markets are expecting the FED to deliver its first rate cut in September.
• The index fell from levels near 106 to 103.60 and then corrected to 104.90 (50% Fibonacci retracement).
• If the jobs report tomorrow shows additional weakness, the Dollar should face selling pressure and break the previous support at 103.60 potentially down to 102.41.
• Breakouts are occasionally re-tested. Therefore, the index could potentially breakdown to 102.41, re-test 103.60 and then make another leg lower and so on.
• Same principle applies for upward breakouts, which should be the case if the jobs report points to increasing wages and tight labor market.
• The index fell from levels near 106 to 103.60 and then corrected to 104.90 (50% Fibonacci retracement).
• If the jobs report tomorrow shows additional weakness, the Dollar should face selling pressure and break the previous support at 103.60 potentially down to 102.41.
• Breakouts are occasionally re-tested. Therefore, the index could potentially breakdown to 102.41, re-test 103.60 and then make another leg lower and so on.
• Same principle applies for upward breakouts, which should be the case if the jobs report points to increasing wages and tight labor market.
Ramzi Abou Abdallah, CFTe, CMT
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