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U.S. Dollar: Will the Rally Continue?

Published 06/26/2023, 04:52 AM
Updated 07/09/2023, 06:31 AM

US dollar index beat resistance at 102.65/75 to hit the next target of 103.05/10.

 I think we have established a new range from 102.00/101.90 up to 103.00/20.  Holding this resistance targets minor support at 102.70/50. A break below here targets 102.00/101.90.

 A break above 103.30 can target 103.65/70.

US Dollar Index 4-Hr Chart

AUD/USD collapsed 100 pips to the next target of 6690/80, wiping out 50% of the very strong gains from the first 2 weeks of June.

Resistance at 6740/60. Shorts need stops above 6780.

CAD/JPY made a low for the day just 8 pips above support at 107.90/70. Longs need stops below 107.50.

Targets: 108.30, 108.70

CAD/JPY 4-Hr Chart

NZD/JPY may be forming a double top & it may be worth betting on this pattern by selling at 8825/55. Shorts need stops above 8875.

Targets: 8790 & 8745

Strong support at 8745/25. Longs need stops below 8710.

Targets: 8785, 8820

GBP/USD breaks support at 1.2720/00 so we have resistance at 1.2720/40. Shorts need stops above 1.2760.

Targets: 1.2680, 1.2650, 1.2610

GBP 4-Hr Chart

EURCAD shorts at resistance at 1.4470/90 worked perfectly last week hitting targets of 1.4440, 1.4410, 1.4370.

We can try this trade again this week on any retest.

Shorts need stops above 1.4510.

USD/CAD made a high for the day exactly at resistance at 1.3210/30.  Shorts on a retest of the resistance this week need stops above 1.3245.

 We can try this trade again this week on any retest.

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