- The US Dollar Index (DXY) tumbled following the release of the US Nonfarm Payrolls (NFP).
- In May, the US only added 75k jobs vs. 185k forecast.
- The prospects of a Fed’s rate cut is adding to the selling pressure.
DXY daily chart
The US Dollar Index (DXY) is in a bull trend above its 200 simple moving averages (SMAs). The market is testing the 200 SMA.
DXY is under bearish pressure below 96.74 and its main SMAs. Bears will be looking for a break below 96.40. The market can be drifting down towards 95.74 and 95.17. Resistances are seen at 96.74 and 97.00