Posted 3/5/2024, 12:20:00 AM
US Dollar Treads Water Ahead of Powell Testimony and Jobs Data
- US dollar lacks direction ahead of key economic events like Fed Chair Powell's testimony and Friday's jobs report.
- Powell's hawkish testimony could boost yields and the US dollar; dovish tilt may weigh.
- EUR/USD facing technical resistance at the 50-day SMA and 1.0900 level. Support at 1.0835.
- GBP/USD broke above 50-day SMA; faces trendline resistance at 1.2710 next. Support at 1.2675.
- USD/CAD bouncing off support at 1.3545; resistance at 1.3620 and 1.3700. Risk of drop to 200-day SMA on break below 1.3535.