USDollar Is Making An Intraday Pullback Within Downtrend

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Good morning traders! Stocks keep pushing higher along with yields, so it looks like 10Y US Notes could still see lower support levels, and that’s why USdollar is in a bigger intraday correction. What we want to say is that while the 10Y US Notes are still searching for support, the DXY can stay in recovery mode or at least sideways. In the meantime, stocks can easily see even higher levels after NVIDIA surpassed earnings.

Looking at the intraday USDollar Index – DXY chart, we see a leading diagonal formation, so we are tracking now an intraday abc correction before a bearish continuation, thus keep an eye on GAP from May 18 around 101 level that can be filled and may act as a resistance before a bearish continuation.

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DXY USDollar is bouncing after a "fake" Monday flow that is usually retraced, so despite testing the lows, still watch out for a bigger abc flat correction, where wave "c" can fill the GAP from May 18 before a bearish continuation.