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    USD Extends Its Latest Gains!| KOL Analysis•Olimpiu Tuns

    Abstract:The US dollar dominates the market in the short term as the USDX has managed to stay higher. The greenback will appreciate further if the index will make another higher high, to close above the 97.73 level.
    Olimpiu

      The US dollar dominates the market in the short term as the USDX has managed to stay higher. The greenback will appreciate further if the index will make another higher high, to close above the 97.73 level.

      The dollar is trading in the green versus the EUR, GBP, and versus the JPY, but you should be careful today as the fundamentals could shake the currency market. The Yen was punished by the Japanese poor data today, the Unemployment Rate has increased from 2.6% to 2.9%, more versus the 2.8% estimates, while the Prelim Industrial Production has plunged by 8.4%, even if the specialists have expected only a 5.6% decrease.

      The UK is to release the Current Account, Final GDP, and the Revised Business Investment indicators, some poor figures could send the GBP/USD towards fresh new lows. The Euro-zone CPI Flash Estimate and the Core CPI Flash Estimate will bring life on the EUR/USD. On the other hand, the USD needs more support from the US data to be able to capture more ground versus its rivals.

      The US CB Consumer Confidence could increase from 86.6 to 91.6 points, while the Chicago PMI is expected to jump from 32.3 to 45.0 points in June, better than expected data will boost the dollar. Still, the FED Chair Powell Testifies and the FOMC members speeches will bring high volatility in the US session.

      ● EUR/USD Under Pressure

      

    image.png

      EUR/USD has failed to reach and retest the upper median line (UML) of the descending pitchfork, it has registered only a false breakout above the 1.1240 and above the R1 (1.1243) levels signaling that the bears are very strong in the short term.

      As Ive said yesterday, a valid breakdown below the 1.1200 and another lower low, a drop below 1.1167 will confirm a further drop on the Daily chart towards the 1.1 psychological level. The critical resistance remains at the upper median line (UML) of the descending pitchfork, only a valid breakout above this line will signal that the correction is finished and it will announce another leg higher.

      Another lower low could suggest a drop towards the median line (ML) of the descending pitchfork, the median line acts as a magnet and attracts the price. The false breakouts above the upper median line (UML) could send the rate towards this dynamic support.

      If you want to go long on this pair, you should wait for a valid breakout above the upper median line (UML), to be certain that EUR/USD will resume its swing higher.

      ● GBP/USD Approaches A Strong Confluence Area

      

    image.png

      

      GBP/USD is trading in the red and it seems too heavy to be stopped on the Daily chart. It has failed to stabilize above the 50% retracement level, has plunged below the inside sliding line (SL) of the ascending pitchfork, and now it is almost to reach the 38.2% level and the median line (ml) of the minor black descending pitchfork.

      A valid breakdown through the near-term support levels (ml, 38.2) will confirm a larger downside movement, while a rejection, false breakdown with great separation below the confluence area formed at the intersection between the median line (ml) with 38.2% will suggest another bullish momentum.

      ● USD/JPY Reversal In Play

      

    image.png

      USD/JPY is traded at 107.68 level and it seems determined to resume its upside journey after the breakout above the PP (107.28) level. The perspective is bullish in the short term as long a the pair is traded above the median line (ml) of the minor ascending pitchfork.

      The next upside target is seen at the upper median line (uml) of the minor ascending pitchfork. A minor retreat could give us a great chance to go long again. USD/JPY could climb way higher if the USDX and the Nikkei will increase.

      USD/JPY is expected to increase after the aggressive breakout from the minor descending channel between the sliding lines (SL) of the descending pitchfork and after the pin bar developed right on the S1 (106.47) level.

      [About The Author]

      Olimpiu Tuns

      is a seasoned market analyst / trader / trainer on the financial

      markets with expertise in forex, cryptocurrencies, commodities, futures,

      options, index, CFD for more than 8 years. He is also a famous blogger

      in both technical and fundamental analysis, trading signals, trade

      setups, etc.

      He

      has worked as a Market Analyst / Consultant for three major Brokerage

      companies, Admiral Markets, MultiBank Exchange Group and InstaForex

      (live webinars, market analysis, educational materials, video analysis,

      video tutorials, ghostwriting, content creator), as a Social Media

      Manager and as a Financial Markets & Crypto Analyst / Contributor

      for very important news portals/blogs (investing.com, benzinga.com, forexalchemy.com actionforex.com, countingpips.com), websites, educational platforms (Forex.Academy, Forex.Today), independent clients, etc.

      Olimpiu Tuns currently works as a Financial Markets & Crypto Analyst / Signal Provider / Trader / Trainer.

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