At the moment we observe a strong weakening of the reserve currency and our pair is moving down. We can assume that against the background of global news and trade wars, the US dollar will continue its decline. However, our pair has found a resistance level and suspended the upward movement.
The index of business activity released today in Australia was below the forecasted result, which helped our pair to stop. Today in the US there will be new information on the labor market. It is expected that the number of vacancies has decreased, so the dollar has the opportunity to strengthen.
Considering our chart, we observe a weakening of the upward momentum and believe that now is a good opportunity for taking short positions. Technical indicators on the 4-hour chart indicate the sale, so we advise you to look for points to exit near the support levels.
