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EUR/USD Range in Focus Ahead of ECB- AUD/USD Eyes Former Support

EUR/USD Range in Focus Ahead of ECB- AUD/USD Eyes Former Support

David Song, Strategist

Talking Points:

- USDOLLAR Previous Day’s Range Despite Positive Data

- EUR/USD to Hold Range Ahead of ECB Interest Rate Decision

- AUD/USD Range at Risk as Australia 1Q GDP Picks Up

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) pared the decline to 10,511 amid the slew of positive data prints coming out of the world’s largest economy, but the greenback remains at risk of carving a near-term top as it holds within the previous day’s range.

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10523.37

10533.05

10511.5

-0.04

74.30%

A lower-high may take shape in June as the Relative Strength Index (RSI) appears to be carving a new bearish trend, but we will continue to watch the opening monthly range to generate a near-term bias as the greenback retains the range-bound price action carried over from the previous week.

With that said, the European Central Bank (ECB) meeting along with the highly anticipated Non-Farm Payrolls (+215K) report may heavily alter the technical outlook for the USDOLLAR as market participants weigh the prospects for monetary policy, and we will largely retain a prudent approach ahead of the major event risks amid the broad range of market expectations surrounding the ECB interest rate decision.

EUR/USD Range in Focus Ahead of ECB- AUD/USD Eyes Former Support

Join DailyFX on Demandto Cover Current U.S. dollar Trade Setups

Read More:

Price & Time: Crunch Time?

EUR/USD Wedge Lingers Pre-ECB, USD/CHF Flirts with Double Bottom

USDOLLAR Daily

EUR/USD Range in Focus Ahead of ECB- AUD/USD Eyes Former Support

Chart - Created Using FXCM Marketscope 2.0

  • Remains at Risk of Carving Near-Term Top in June
  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,354 to 10,375 (50.0 retracement)

Release

GMT

Expected

Actual

ISM New York (MAY)

13:45

--

55.3

Factory Orders (APR)

14:00

0.5%

0.7%

IBD/TIPP Economic Optimism (JUN)

14:00

47.0

47.7

Fed's Esther George Speaks on U.S. Economy

17:50

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--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

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