Forex
Dollar Faces Pivotal Support Amidst Selloff
The US Dollar has fallen more than 2% from its yearly high after breaking below the May uptrend, and is now trading just above pivotal support into the August open.
Momentum continues to favor the bears, with the current decline unfolding in an orderly technical structure. The recent selloff has returned the index to an important technical inflection zone.
A sustained break below support would increase the case for a broader USD correction. This week's Non-Farm Payrolls report could provide the catalyst for the next major directional move, and a resilient labor market would reinforce expectations for a restrictive Fed.