- USDOLLAR Threatens Former Support Ahead of Downward Revision to 1Q GDP
- AUD/USD Needs Break & Close Below 0.9200 to Favor Downside Targets
Daily Change (%)
DJ-FXCM Dollar Index
New Home Sales (APR)
New Home Sales (MoM) (APR)
The rebound in New Home Sales did little to spur a further advance in the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar), and the greenback may face a near-term pullback going into the final week of May as it fails to push back above former support (10,500-509).
The greenback may consolidate ahead of the preliminary 1Q GDP print as the report is expected to show the growth rate contracting 0.5 percent during the first three-months of 2014, and a marked downward revision may dampen the appeal of the reserve currency as it drags on interest rate expectations.
Despite the bullish break in price and the Relative Strength Index (RSI), it looks as though the Fed will retain its current approach at the
The greenback rallied against three of the four components, led by a 0.17 percent decline in the Euro, while the Australian dollar bucked the trend as the AUD/USD continues to hold above the key 0.9200-20 support zone.
With that said, the AUD/USD may continue to consolidate ahead of the next Reserve Bank of
In turn, the RBA may come under increased pressure to further embark on the easing cycle, and the AUD/USD may struggle to hold its ground in June should Governor