A deep analysis on the U.S. Dollar

6 gün önce

The dollar has been strong in recent weeks, considering that the two indicators I find very impactful for the dollar, the ADP Non-Farm Employment Change and the Non-Farm Employment Change, came in much higher than expected, leading the dollar to recover about 80% of the previous drop.
Note: These two indicators will be published next week, with the ADP Non-Farm Employment Change on Wednesday and the Non-Farm Employment Change on Friday, and the forecast for both is negative.
POV: According to the weekly DXY chart, the dollar is recovering from the previous drop, and as you can see, it has found a very strong resistance zone at 104.108, which could be a lower high compared to the previous one.
If employment data comes in below expectations, the dollar will experience a sharp drop, considering there is a large gap at 102.100.
If the data comes in higher than expected, the market may continue to decline to fill the gap at 102.100 and then resume its upward movement.
Finally, I still believe in the long-term decline of the dollar.