Dear reader, let us have a look at the DXY (Dollar index) ahead of the important events since we will witness the FOMC meeting minutes today and NFP data to be released tomorrow.
Actually, the long-term overview looks constructive, as the bullishness remains in favor only over the long-term basis.
With that in mind, long-term traders could buy U.S. dollar; however, we see chances for achieving corrective actions over medium-term and short-term basis due to the following technical reasons:
· Retreating for tough resistance over the weekly basis.
· The negative divergence on RSI14.
· The bearish harmonic formation on the RSI.
To recap, stability below 94.00 offers selling opportunities over short-term basis with targets at 91.00 where bulls may re-charge and go long once again.