DXY: Anticipating Long Opportunities Amid Fed Policy and NFP Rep

31 Jul

The US Dollar has experienced a decline due to expectations that the Federal Reserve will deliver dovish guidance in its upcoming policy statement. Investors anticipate the Fed will recognize progress in curbing inflation and highlight growing risks to the strength of the labor market. Following the Fed's policy announcement, the US Non-Farm Payrolls (NFP) report for July will become the crucial trigger for the US Dollar's movement.

In our analysis, we've identified a potential demand area around $103.177. At this level, we are opening our first long position with a minimum target of 2R. Should the price continue to fall, we are prepared to shift our focus to the next demand area at $101.422 for additional long opportunities.

Given the current market conditions and our analysis, we are strategically looking for long positions on the DXY, anticipating a rebound from these key demand areas.

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