With the Dollar resisting a push lower, the Forex majors are stuck in a rut. The Forex minors are still thriving as traders look to short AUDNZD and long NZDJPY.
Despite making a new low for the month of May, the US Dollar is back fighting at 90.00. This is exhausting to see for traders as most indications point to a weaker Dollar, which is almost inevitable at this point. Sometimes, that’s just how the market behaves.
Price action traders have shifted their focus from the Forex majors to the minors as the Dollar continues its choppy ways. AUDNZD is looking to create a path lower as price retested a weekly resistance zone earlier this week. NZDJPY should extend higher as the price clears this year’s high.
Tomorrow we have the GDP release for the US Dollar and current forecasts are bullish. A bullish result may provide bulls an extra lift, and a bearish result may be the final nail in the coffin for a push lower.
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- Read yesterday’s breakdown: EURUSD Longs and USDCHF Shorts as Dollar Continues Push Lower