After giving bulls some hope to end last week, the Dollar is back on its way lower. As the DXY figures its self out, traders may look at trading the minors for the time being.
Despite hanging around 91.950 and numerous attempts to close bullish above, the price has yet to make any real gains above this resistance. A peek at today’s daily candle shows the least bullish candle there is and that is giving more of a reason for bears to pile on. With the lack of volume, however, price shouldn’t fall too quickly either.
Usually when the Dollar is out of sorts, trading the minors is the way to go. One minor pair that is providing a decent trade setup is NZDCAD. This pair started a respectable downtrend near the end of February and has recently hit some consolidation. A break of this consolidation could lead price lower to the lows made this past summer.
Jerome Powell will be a busy man this week as he has three consecutive speeches for House Representatives of the Financial Committee starting today. His speeches are rather telling and something traders might want to tune into.
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