Forex

USD can make a pullback as US yields dropMay 31, 2023

USD keeps moving higher, possibly on speculation that House vote on U.S. debt ceiling today will pass today. However, stocks are down, which can have something to do with China, where the PMI index declined once again, and also faster than expected. Technically speaking, USD is in uptrend, but yields found some resistance recently so I am wondering if USD is possibly also going to have limited gains.

Looking at DXY intraday chart we see nice recovery, but now in late stages of an impulse from May 04 so we are aware of a pullback, possibly will show up as we will get an outcome from the House vote, or USD can slow down later this week when we will get the US NFP data. But keep in mind that we will be tracking only a correction here on XXX/USD pairs and that more upside will be expected for the USD, once DXY makes three wave retracement.

USD can make a pullback as US yields drop dxy 2h chart
DXY vs. 10Y US Yields 2H Chart

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USD’s Bull Run Faces Resistance, Potential Setback Before Resuming Higher. Check our blog HERE.

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