- The bullish surge in the US Dollar[1] has finally found some element of resistance around the 93.35 level. Tomorrow brings US CPI for the month of April, and this comes on the heels of what was a really strong inflation report from the month of March. While many are attributing the recent bullish move in USD[2] to that inflation report, the timing doesn’t exactly fit, as the US Dollar moved down to a fresh near-term low in the week after that report was released. US Dollar strength became a key theme after last month’s UK inflation and then the ECB meeting later in the month.
- The US Dollar is pulling back as we approach tomorrow’s release, and this opens up a series of setups on both sides of the Greenback. We looked into this in our webinar yesterday, and many of those themes still apply. This is available from the article entitled, US Dollar Pulls Back from 2018 Highs: Price Action Strategy[3].
- DailyFX Forecasts have been updated for Q2, and are available from the DailyFX Trading Guides page[4]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[5]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[6].
Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment Indicator[7].
US Dollar Finds Resistance Ahead of Tomorrow’s CPI Release
The surging trend in the US Dollar[8] has started to show some element of resistance
