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SEASONALS TO WATCH COMING UP?
In this week’s newsletter we are going to look into the seasonal reports for the month of May and the key zones to be aware of on the USD index.
The month of April is typically the worst for the USD which has been the case however, May is usually the best performing month so we should see the price turn around on the USD Index soon.
The worst performing currency of the month is the Great British Pound which has already started to show in the past couple of weeks.
The Australian Dollar and New Zealand Dollar also underperform in line with a more risk off market.
The key to finding the turning points across the major currency pairs will be in identify the zones on the USD Index.
Looking at the USD Index on the daily timeframe we can see that the price has recently found resistance at $91.40 and looks to be heading towards the next area of demand.
We can see at the $90.00 level was a previous area where buyers entered the market significantly. This would make an ideal area to look for long opportunities at the start of May.