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It seems like the markets were fun to start the week. There was a clear sense of risk-off, which was clear by buying in the USD, the JPY and to a lesser extent, the CHF. While the AUD and the NZD were disappearing.
There are still headlines around trade wars, but I feel that things are now moving towards balance.
As I mentioned yesterday, we have a fun week. US traders will have a short trading session on Tuesday before July 4th. When this happens, we often see them taking all day and not much happens. So I'm not expecting big things today.
Upon their return, we will be aware of the minutes of the FOMC and unemployment in the United States, so I expect the week to end with a crash
a look at the RBA and their decision on interest rates. No changes are expected since the RBA is in no hurry to switch to rates. But I will have more insights later in the session.
USD Rallies
The resistance level of the USD at 95.00 came back up while buyers raised their prices on Monday. On Friday, we witnessed a liquidation move, but that coincided with the end of the week, month and quarter. So we have an unusual activity on these types of days
95.50 is now the short-term peak we have to crack. We had two attempts, for two failures.
There is clearly an uptrend in place here and the price continues to climb higher. I almost think that it's starting to look like a triangular model, which is bullish.
If we can go out, the next target becomes 96.20. Although we have big data this week, I wonder how active traders will be. With the holidays, it can be a funny week. But if we get a great job report, there may not be a rally.
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