The Dollar enters the Tuesday trade sitting just below fresh new highs for the move with the bull camp seemingly emboldened by expectations of an avalanche of positive US scheduled data. With US GDP expected to post a 4.3% gain later this morning that in turn leaves a number of actively traded currencies in a negative macro-economic differential comparison to the US. With Durable goods also expected to rise by 3% the Dollar bulls are likely to see plenty of talk about the prospect of the US Fed pulling forward its 2015 tightening timeframe. The inability to elect a Greek President on the second vote and ongoing gains in global equities would seem to leave the Dollar in vogue and poised to surge above the 90.00 level.
Technical Outlook: A new contract high was made on the rally. Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market’s short-term trend is positive on the close above the 9-day moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside target is 90.27. The next area of resistance is around 90.15 and 90.27, while 1st support hits today at 89.75 and below there at 89.47.