– USD index charts flag bullish 40-60 day outlook
– Supports between 91.40 & 91.80 tipped to hold
– Significance, anticipation of July job data grows
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The Dollar Index has entered the new month on its back foot ahead of a landmark American jobs report, although strategists at BofA Global Research have flagged a “golden cross” formation on the daily charts as a bullish technical indicator for the benchmark and a bearish omen for EUR/USD.
August and the new week have gotten underway with broad declines evident across the U.S. exchange rate complex ahead of Friday’s pivotal non-farm payrolls report, which is always a key informant of analyst, investor and trader expectations of Federal Reserve (Fed) monetary policy.
Tuesday saw the Dollar Index quoted one tenth of a percent lower, which deepened its one week decline to -0.5% and left the highly concentrated barometer of the U.S. currency close to major…