- $DXY has found support at 97.00
- NFP Friday
After it’s bull run started when it bottomed near 95.80 late March the $DXY broke with the previous base at 97.00 topping at the 97.50 level which is also the 161.8% projection of the first leg up of the move. With bad retail sales, followed by bad core durable goods orders and bad ISM non-manufacturing PMI, the USD tanked and the $DXY followed. This dip was quickly stopped by buyers at the 97.00 level.
Now bulls are in control and at the time I was writing this article the 4-hour candle on the $DXY had engulfed the last 6 4 hour candles. Big bull push on the USD pre Non-Farm Payrolls Friday. Last months NFPs were a disastrous 20K jobs added to the economy and the forecast for tomorrow is 175k jobs added in March. A beat to expectations would solidify my short term bullish view on the USD and the $DXY might just test once more the 97.70 level and finally break above it. All eyes on NFP Friday!
