Dollar Strength Continues To Guide Most Pairs In Favor Of The Greenback

By Alexandros Yfantis of Trading2Day

Alexandros Yfantis • Apr 3, 2017 at 6:00 AM EDT

We start a week where Dollar strength from last week continues to guide most pairs in favor of the greenback. I continue to expect that this will be a lower high in the Dollar index and eventually the Dollar will be sold-off.

Greetings everyone and happy week ahead!!! We start a week where Dollar strength from last week continues to guide most pairs in favor of the greenback. However, I continue to expect that this will be a lower high in the Dollar index and eventually the Dollar will be sold-off. We have now reached an important junction regarding my longer-term view for the Dollar index. The 102.30 level remains key for the Dollar index while a break below 97 will imply more downside in the longer-term.

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Rejection at the cloud resistance will imply a sharp move down is coming. Especially if the black neckline and the green trend lines are broken.

The USD/JPY got rejected last week at important resistance from previous lows.

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As long as we hold below the blue rectangle area, we remain bearish looking for 109-108.

AUD/USD

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NZD/USD 0.69 remains key. Upside potential is open....

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USD/CAD still inside sideways trading range. Time to test upper boundary.

GBP/USD if 1.25 is lost, I could see it back towards 1.23.

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EUR/USD approaching important daily cloud support.

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EUR/USD first obstacle for bulls, the downward sloping channel. Next and most important obstacle, cloud resistance at 1.0750-1.08 in order to revive scenarios for 1.10-11.

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