The US Dollar started the month with a decline against other major currencies. Within the framework of the latest European trading session the USD index traded inside the 80.06-80.27 price range. The range was formed earlier this week. Still, the US Dollar may see some major price changes due to some major economic stats for the USA scheduled for the week.
In particular, the market is waiting for the US employment reports scheduled for the 2nd part of the week. The pace of creating new jobs is likely to accelerate in March after weak winter month when the economy slowed down due to clod winter.
In particular, the amount of new jobs created for the reporting period is likely to increase by 200 000 jobs. If this is the case, this is going o be the highest figures in 4 months.
Masterforex-V Academy: Technical Analysis USD Index
According to the recent comprehensive technical analysis conducted by Masterforex-V Academy, the H1 chart of the USD index shows us the near-term scenarios.
The most important movements for the index are taking place within the scope of the 80.06 – 80.27 index. The mentioned range was created earlier this week. It seems like the market doesn't want to move in advance of some major reports and prefers to wait for the figures in order to decide on the direction of the near-term price move.
At this point, the mid-term tendency is still bullish. The price made a local high at 80,49 and retraced down to 80.06, thereby forming a narrow price range. There is a pivot inside the range. It is located at 80,41. Intraday traders are strongly recommended to watch these levels when making their trading decisions.
So, as you can see, the price needs to break out of the mentioned range in order to clarify the direction. If the bottom is broken amid weaker-than-expected economic figures, the bias will turn bearish.
Alternatively, good news coupled with an upward break will definitely indicate a further rally of the US Dollar against a basked of 6 other major currencies.
