The US Dollar is losing steam ahead of the release of the US PCE Price Index report.
A moderately hawkish BoJ Governor Kazuo Ueda and better-than-expected Eurozone GDP figures have weighed on the USD. Failure to break the 104.55 resistance has brought 103.90 support into focus. The US Dollar Index edges down on Thursday, extending the mild losses seen over the last four sessions. Still, the US Dollar remains near three-month highs and is on track to close its best monthly performance in more than two years.
The 4-hour Relative Strength Index shows a bearish divergence, and price action has crossed below the 50-period Simple Moving Average . These are negative signs. Further depreciation below 103.90 would confirm a deeper correction and bring 103.40 into focus. Resistances remain at at the 104.55-104.75 area and 105.20.
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