(4 votes)

Last Updated Date: 7 July 2021 @ 5:47 AM (UTC)
*Please note that all the dates are in GMT time zone

The dollar gained against a basket of peer currencies on Tuesday following the U.S. Independence Day long weekend as traders positioned themselves ahead of the release of the minutes from the U.S. Federal Reserve's pivotal June meeting.

Market participants will be looking for clues as to when the Fed will begin to taper its pandemic-induced bond-buying spree amid a recovering economy, when minutes of the June meeting are published on Wednesday.

The short term trend remains down, but trade is fighting to hold and rebounded off the 1.1800 target. Market action alerts for a potential bottoming turn. We may see dips around 1.1800, but a close under 1.1800 is needed to renew bear pressures. A close over 1.1900 alerts for a short term bottoming turn.

Resistance 2       1.1866
Resistance 1       1.1844

Support 1            1.1800
Support 2            1.1780


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