The Dollar is down 0.30% to start the first week of October as bearish pressure continues. Conversely, Crude Oil prices are looking to edge higher after breaking this year’s high.
The US Dollar Index (DXY) was able to print a bullish hammer on the monthly time frame for September. Despite this, bears have taken prices back below 94.000 and have established a downtrend on the hourly time frames. If further pressure persists, the price could reach 93.500.
With USDCAD prices teetering, Crude Oil has surpassed this year’s high and is looking to make a considerable push higher. The first target for traders could be $85.00 which was the low of 2013. The next target would be $97.00 and monthly resistance at $107 per barrel.
This week is the Non-Farm Payroll report and current forecasts are suggesting a bullish report with a decrease in unemployment. This may be the catalyst that resumes the previous month’s bullish rally for the Dollar.
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- Read our previous blog article: Dollar Bears Push Price Back to 94.125 + Bitcoin En Route to $50,000
