U.S. Dollar Bulls Need a Break Above Last Week's High

www.investing.com/analysis/us-dollar-bulls-need-a-break-above-last-weeks-high-200638722

By Jason Sen | Jun 05, 2023 07:03AM ET

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DXY

-0.19%

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USD/CHF

-0.41%

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AUD/USD

+0.31%

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NZD/USD

+0.03%

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The US dollar index collapsed ahead of the Nonfarm payroll, unexpectedly breaking support at 103.90/70 & taking out the lows for the previous 5 days.

However, on Friday we reversed & shot higher through first resistance at 103.80/104.00 so this was bit of a nonsense.

Key resistance at 104.00/104.10. So holding above here is a buy signal & holding below here is a sell signal for the start of this week. Obviously, the bulls need a break above last week's high at 104.70 for another buy signal this week.

We should have strong support at 103.35/25.

AUD/USD totally confusing as we race back above what should have been resistance at the March & May low. I have no idea what to suggest at this stage.

NZD/USD strong resistance at 6135/45. shorts need stops above 6165.

Targets: 6090, 6050

USD/CHF shorts at resistance at 9120/40 worked, taking profit at 9080.

Resistance again at 9120/40, but shorts need stops above 9160. A break higher is a buy signal as long as we then hold above 9140/20, targeting 9180, 9220 & 9280.

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Nov 02, 2023

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Nov 01, 2023

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U.S. Dollar Bulls Need a Break Above Last Week's High

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