USD bulls are currently attempting a bounce from former resistance in the 101.05-101.30 zone after French election worries rattled the Euro. The index traded above the 61.8 fib briefly last week, but was rejected at the top of a zone which we had previously deemed inconsequential and finished the week back inside the wedge.
Our preference is for a break back above the wedge top in the next few hours, followed by a retest of last week's highs in the 101.90-102.25 zone over the coming sessions. If however, the DXY fails to clear resistance, we may be looking at sideways consolidation til later in the week when NFPs clear things up.
Our preference is for a break back above the wedge top in the next few hours, followed by a retest of last week's highs in the 101.90-102.25 zone over the coming sessions. If however, the DXY fails to clear resistance, we may be looking at sideways consolidation til later in the week when NFPs clear things up.
