Wed, Jun 23, 2021 @ 11:44 GMT
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US Dollar Index Outlook: Dollar Eases As Recovery Shows Signs Of Stall, Traders Eye US Jobs Data

The dollar slips on Thursday after a week-long recovery from one-month low (driven by strong economic data which pointed to rapid economic recovery) was repeatedly capped by the base of rising and thickening daily cloud.

Daily momentum studies remain negative while stochastic is hovering around the border of overbought territory, adding to signals of recovery stall.

Fresh weakness pressures important 100DMA support, loss of which would weaken near-term structure and add to signals of an end of recovery phase.

Traders focus on key US labor data that may provide more clues on when the Fed would start reducing monetary stimulus, after US Treasury Secretary Janet Yellen said that interest rates may need to rise to prevent the economy from overheating and Fed policymakers downplayed the risks of higher inflation.

Res: 91.23, 91.41, 91.59, 91.73
Sup: 91.03, 90.93, 90.79, 90.55

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