DXY Outlook (4 July 2022)
US Independence Day!
Bank holiday in the US for independence day, expect market liquidity to be lower. But with lower liquidity, this also means that prices could be more susceptible to spikes.
The DXY test 105.50 several times recently, however this time a deep retrace back down to 103.50 is unlikely (compared to price movement on 15th & 16th June).
As markets continue to price in a 75bps hike to come from the Federal Reserve in the next meeting, the DXY has been trading higher towards the end of June, and is likely to sit in consolidation at this point before testing higher again.
Price could break below 105 briefly but immediate resistance is 105.50 with 104.50 as the support.
Bank holiday in the US for independence day, expect market liquidity to be lower. But with lower liquidity, this also means that prices could be more susceptible to spikes.
The DXY test 105.50 several times recently, however this time a deep retrace back down to 103.50 is unlikely (compared to price movement on 15th & 16th June).
As markets continue to price in a 75bps hike to come from the Federal Reserve in the next meeting, the DXY has been trading higher towards the end of June, and is likely to sit in consolidation at this point before testing higher again.
Price could break below 105 briefly but immediate resistance is 105.50 with 104.50 as the support.
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