The dollar has its strongest weekly gain in 4 months as NFP data has shown strong employment, dampening the bets of more than one rate cut by the Fed this year.
However, the dollar found strong resistance as it attempted to pierce through a falling trendline and got rejected by a strong supply zone around 97.3.
The price kept falling until the market closes and managed to close just below the falling trendline and the supply zone, showing a sign of successful resistance.
The dollar is most likely to experience consolidation in the first half of the week as the market awaits the FOMC meeting minutes and Fed Powell to testify.
If the dollar were to inch higher and close above 97.3, the price will climb further and test 97.7.
If not, the dollar will most likely fall again and test the immediate support at 96.6.
However, the dollar found strong resistance as it attempted to pierce through a falling trendline and got rejected by a strong supply zone around 97.3.
The price kept falling until the market closes and managed to close just below the falling trendline and the supply zone, showing a sign of successful resistance.
The dollar is most likely to experience consolidation in the first half of the week as the market awaits the FOMC meeting minutes and Fed Powell to testify.
If the dollar were to inch higher and close above 97.3, the price will climb further and test 97.7.
If not, the dollar will most likely fall again and test the immediate support at 96.6.
