- USDOLLAR Outlook Still Bearish as Monthly Opening Range Remains Intact
- AUD/JPY Rebound Stalls at Former Support (0.9430-50)
- XAU/USD Capped by 50-Day SMA (1303); Risks Key Break Ahead of June
Despite the mixed data prints coming out of the world's largest economy, the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) may make a more meaningful attempt to close above the 10,470 pivot ahead of June as it fails to maintain the descending channel from earlier this year.
Daily Change (%)
DJ-FXCM Dollar Index
The greenback may face a larger correction in the coming days amid the bullish break in price and the Relative Strength Index (RSI), but the lack of momentum to clear the opening monthly range may continue to foster a bearish outlook for the reserve currency as the Federal Reserve remains in no rush to normalize monetary policy.
With that said, we will preserve our bearish outlook for the USDOLLAR as it appears to be carving a lower high in May, and the greenback remains at risk of facing additional headwinds over the near-term as Fed Chair
Chicago Fed National Activity Index (APR)
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Markit Purchasing Manager Index Manufacturing (MAY P)
Existing Home Sales (APR)
Existing Home Sales (MoM) (APR)
Leading Indicators (APR)
Kansas City Fed Manufacturing Activity (MAY)