DXY Outlook (12 July 2022)
The DXY climbed to test 108.50, a price level last reached in 2002. While the markets have been anticipating an aggressive rate hike path from the Federal Reserve, on the back of the good employment data from the NFP and recent CPI data indicating some impact from the rate hikes, the recent climb in the DXY can be attributed as being pushed higher by the weakness in the Euro.
However, as price climbs to historic highs, always anticipate deep retracements/corrections before a further climb higher. In this case, we can see the DXY currently retracing from the 108.50 level back towards 108.00.
A deeper retrace could be likely beyond 108, with the next support level at 107. However it is unlikely that price could retrace that significantly.
However, as price climbs to historic highs, always anticipate deep retracements/corrections before a further climb higher. In this case, we can see the DXY currently retracing from the 108.50 level back towards 108.00.
A deeper retrace could be likely beyond 108, with the next support level at 107. However it is unlikely that price could retrace that significantly.
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