FxWirePro: AUD/CAD struggles to extend previous session's gains, retrace below 5-DMA to see more weakness
FxWirePro: DXY Daily Outlook
Major resistance- 94
Ichimoku Analysis (4-hour chart)
US Dollar index continues to trade weak for 2nd consecutive days. The US economic data came mixed with positive University of Michigan consumer sentiment and slightly weak Conference Board leading index. The UoM consumer sentiment came at 78.9 in Sep, the highest level since March. The CB leading economic index m/m at 1.2% vs estimate of 1.3%. It hits an intraday low of 92.77 and is currently trading around 92.83.
On the flipside, near-term support is around 92.66, any violation below targets 92.52/92. Significant bearishness only if it breaks below 91.55.
The index is strong resistance at 93.60, an indicative break beyond will take the index till 94/94.85.
It is good to sell on rallies around 93.25-30 with SL around 94 for TP of 91.52.