After ending last week bullish, Dollar bulls are starting to struggle at July’s high. Meanwhile, NZDUSD bears are looking to push below for the first time this quarter.
The US Dollar Index (DXY) is currently having a hard time breaching and closing above 93.170. This level was the high made back in July and the price has yet to break it since. A bullish closure above this level on the 4hr time frame should suggest a bullish Dollar. A failure to do so will likely result in a bearish Dollar for the rest of the week.
Despite the Dollar bulls struggling to head any higher, the New Zealand Dollar is set to face further losses against the Dollar. Bears in the market were able to take price all the way down to daily support at 0.69000. A successful bearish closure below this support should open shorts to 0.68000.
Today’s Australian session will host the Australian unemployment report which is currently bearish as the forecast presents a loss of jobs and an increase in unemployment. This may be attributed to the delta variant that is causing concern on a global scale. A bearish result will most likely lead to lower prices for both AUD and NZD pairs.
For more Forex content like this:
- Sign up to become a Pro Trader
- Join our Discord server and chat with us
- Book a Demo with us to get a full tour
- See our Pro Trader Membership Pricing plans
- Read our previous blog article: Dollar Rallies After Poor Sales Data, AUDJPY Swing Shorts Have Been Activated
