Dollar: Weekly Forecast 6th - 10th April 2020
The dollar climbed through the week despite extremely weak employment data.
The NFP result was pretty much expected and the market could already have digested the fact way before the release.
During a pandemic where businesses stop running and people stop working across the globe, it's natural that the labour market will suffer a huge blow.
The dollar had rebounded off and climbed steadily from a critical demand zone around 98, forming a rising channel in the process.
The price is currently positioned at the top of the channel with a sign of resistance but lacking in selling pressure.
In this week, the dollar is likely to climb further and possibly breaking through the top of the channel and go deep into the supply zone around 101.
If the price continues to climb, strong resistance will definitely be seen as it reaches beyond 102.
If the price were to come off at first, there will be an opportunity to go for intraday long at 100.3 - 100.1.
The NFP result was pretty much expected and the market could already have digested the fact way before the release.
During a pandemic where businesses stop running and people stop working across the globe, it's natural that the labour market will suffer a huge blow.
The dollar had rebounded off and climbed steadily from a critical demand zone around 98, forming a rising channel in the process.
The price is currently positioned at the top of the channel with a sign of resistance but lacking in selling pressure.
In this week, the dollar is likely to climb further and possibly breaking through the top of the channel and go deep into the supply zone around 101.
If the price continues to climb, strong resistance will definitely be seen as it reaches beyond 102.
If the price were to come off at first, there will be an opportunity to go for intraday long at 100.3 - 100.1.
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