After a bullish start to July, the Dollar has started off August by clinging onto support at 92.00. Meanwhile, Ethereum has turned bearish as price faces multiple days of selling pressure.
Last week, the US Dollar Index (DXY) faced nearly a full week of selling as price went from a high of 93.175 to a low of 91.775. Bulls were able to bring price above 92.00 and are looking to close bullish for the day. A bullish hammer from this level could lead the index back to 92.300. A failure to do so could lead bears to take the price to 91.500.
After meeting a short-term high at 2600, Ethereum prices are once again looking bearish. Bears on the daily timeframe are hoping to print a shooting star to lead the price back lower. Shooting stars are already being printed on the smaller time frame and the price is expected to meet $2,000 by the end of the week.
Another month means another ADP and NFP job report for the US economy. Traders may see the Dollar along with the major markets consolidate until the official release. Current forecasts have the number of jobs being added to be relatively the same, but for the unemployment rate to drop to 5.7%.
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