All Eyes On The U.S. Dollar Heading Into Friday's NFP
Mike Paulenoff | May 03, 2016 12:21AM ET
Given that it was an otherwise boring and uneventful Monday market yesterday, let's notice that the US Dollar Index (DXY) pressed beneath its prior, significant pivot low at 92.63, established last August 24.
The inability of the DXY to reverse to the upside in the hours ahead will leave it in a very precarious position—dangling off of a major support plateau that, if violated, has the potential to unhinge a powerful, 15-month top formation that should send positive vibes through the commodity complex—perhaps just what the Fed ordered?
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