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US Dollar (DXY) Probing Higher Ahead of US Initial Jobless Claims Release

US Dollar (DXY) Probing Higher Ahead of US Initial Jobless Claims Release

2020-04-16 09:34:00
Nick Cawley, Strategist
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US Dollar (USD) Price, News and Analysis:

  • US dollar basket testing 100 as demand grows.
  • Weekly US jobless claims expected in excess of 5 million
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US Dollar Back in Vogue

Wednesday’s out-sized bullish candle is currently supporting the dollar basket (DXY) and has broken a series of lower highs and lows off the recent 101.05 high made on April 6. The next leg of this move will be shaped by this afternoon’s weekly US initial jobless claims release (12.30 GMT) which is expected to show another 5 million+ fresh claims, following on from last week’s 6.606 million and a prior week’s record-high of 6.867 million.

Chart showing soaring us jobless claims

Chart via TradingEconomics.Com

For all market moving data and events please the DailyFX calendar

The US dollar’s status as the global reserve currency continues to be confirmed and the greenback will likely continue its move higher. Financial markets are still being buoyed by the global liquidity flush, but risks remain and will continue to for the foreseeable future. The US dollar basket (DXY) arrested its recent slide this week and the daily chart shows a positive set-up. Back in late-March the DXY twice stopped short of testing the 61.8% Fibonacci retracement at 98.14 and earlier this week the recent sell-off was twice arrested around 98.80, forming a supportive trend of strong higher lows. With the DXY now trading just under 100, the downside is also guarded by the 50% retracement level at 99.25. To the upside, a clean break of the 38.2% retracement level at 100.37 will open up a series of lower highs all the way up to 101.05.

US Dollar Basket (DXY) Daily Price Chart (October 2019 – April 16, 2020)

US dollar chart showing price moving higher
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What is your view on the US Dollar – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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