Break or Bounce On The Dollar As Interest Rate Cut Looms?
With the Fed poised to cut rates at September's meeting, the dollar hovers at the key 100 key monthly level which, on a normal occasion, would serve as a clear support but after such a long awaited rate cut, which would devalue the dollar even further, one cannot be so sure.
Technically, there are no real indicators of price shifting structure to the upside as yet but with price in a Daily bullish order block, monitoring its development over the course of this week will be key.
EurUsd & UsdZar are not in ideal trading conditions and so will not be on my radar this week unless price action develops further. GbpJpy however continues to trade higher from a Weekly order block and is currently encountering resistance from a 4H order block which may result in a slight correction before we continue higher into Daily equilibrium.
Technically, there are no real indicators of price shifting structure to the upside as yet but with price in a Daily bullish order block, monitoring its development over the course of this week will be key.
EurUsd & UsdZar are not in ideal trading conditions and so will not be on my radar this week unless price action develops further. GbpJpy however continues to trade higher from a Weekly order block and is currently encountering resistance from a 4H order block which may result in a slight correction before we continue higher into Daily equilibrium.
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