USD Under Selling Pressure

Published 06/06/2016, 10:23 AM
Updated 07/09/2023, 06:31 AM

Steady gains from the 91.92 low of May have failed to reach congestion around 92.00, with prices falling sharply from 95.97. Congestion around 94.00 has been reached, but further losses to the 93.45 retracement are highlighted as short-term studies track lower and bullish weekly studies begin to turn down. Further slippage to the 92.90 retracement cannot be ruled out, as investors move towards a cautious stance. Resistance is lowered to congestion around 95.50, and extends to 94.00. Any immediate bounce is expected to find difficulty clearing this area, but if broken, a fresh USD rally will be confirmed, with 96.20/40 to then attract as the rally from the May lows gains fresh momentum.

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