The pivotal price action level mentioned previously pertains to this chart above on the DXY. Specifically on the 1D timeframe, we can draw a significant trend line that has lasted since the later part of 2022. Friday's candle closed right at this level, but it has yet to break above.

The way Friday's candle closed did show buying pressure, but the index was pretty much break even on the day. This candle also suggests some exhaustion in the rally and may spell a pullback. However, if price breaks above this level and closes, we could be in for another test at the 105.9s.

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The pivotal price action level mentioned previously pertains to this chart above on the DXY. Specifically on the 1D timeframe, we can draw a significant trend line that has lasted since the later part of 2022. Friday's candle closed right at this level, but it has yet to break above.

The way Friday's candle closed did show buying pressure, but the index was pretty much break even on the day. This candle also suggests some exhaustion in the rally and may spell a pullback. However, if price breaks above this level and closes, we could be in for another test at the 105.9s.

USDJPY is also standing tall at a +6 strong buy. This pair will be heavily dependent on the data at the end of this week. So far, the US has seen healthier economic data along with higher inflation (PCE). If NFP comes in higher than expected, it might be the turning point for the dollar further confirming a bullish bias.

A few weeks ago, less promising economic sentiment was crashing the dollar, and the expected end to interest rate hikes did more damage. However, the EF remains bias toward the bulls when looking at this pair.

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The US stock market continues to lose demand over time in terms of smart money demand. On a week-to-week basis, the three US indices are declining in the number of long contracts. At the same time, they are seeing an increase in shorts (NAS100 and SPX500). Meanwhile, smart money is becoming increasingly bullish on the dollar which is turning the heads of investors as we approach June’s rate decision. The JP225 stays net bullish overall due to dovish remarks made by the BOJ. This index is the most promising of the four listed above in terms of upside.

This GDP growth rate on the USD is causing rising concern for stock market bulls. Although a rise in economic output suggests a healthier economy, it encourages the Fed to consider higher interest rates in the June meeting. The Fed's goal is to maintain inflation which rose slightly in last week's PCE. If the economy stays this resilient to higher rates, the Fed may be incentivized to go even higher. Thus, a higher dollar value.

The stock market sighed in relief after the debt ceiling bill finally made its way through the House. It's now passed on to the Senate to vote. This event has left immense pressure on the indices up until recently. Now, investors have their eyes on NFP numbers tomorrow.

On the EdgeFinder, the NASDAQ is a neutral rating at +2. Something important to note is that a Fed governor, Philip Jefferson, spoke about monetary policy. He iterated that a rate pause would give them time to analyze a 5.25% interest rate on inflation over time. This dovishness is also boosting risk appetite.

GU took off on today's USD news. The majority of investors are expecting a rate pause this month after a dovish speech from one of the governors of the Fed. Although NFP will likely set the course for dollar direction, we can assess the economic data we have now.

On the technical side, price is pairing the majority of its losses from most of May. The pair could come up to test the rising trend line on the 1D timeframe should momentum continue and risk-on sentiment increase. A double top lies around 1.26620s.

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Retail looks to be majority mixed USD, bearish gold and indices. From market experience or from following us, you may have realized that the crowd is usually never right. If there is a strong retail presence going one way, price is more than likely going the other way.

Frank Shares Fed Commentary before NFP.🔥👀

Lower PPI across the board reflects the effectiveness of monetary policy overall. As inflation comes down, so might the hawkishness of the Fed, BOC, BOJ, RNBZ. This will be ultimately bearish for any currency, but bullish for assets such as gold and indices.

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USDJPY is one of the strong buys on the EdgeFinder. It's important to note that the only categories Japan has US beat in is only inflation and unemployment. Japan's inflation and UE rates will likely stay low as the BOJ is solely focused on economic expansion.

Seasonality and trend reading are hand in hand here, retail and COT are both pointing towards a higher dollar, Fed remains less dovish than BOJ, lastly, robust jobs growth and GDP show stronger economy anyways.

This is now the most longed pair on the Smart Money Tracker on the EdgeFinder. Its score remains neutral still likely due to trend reading and retail sentiment. This is one of the few times where the crowd and institutions are in agreement. Hovering at +2, the metal may see some upside this week as the week starts off positive.

On the 1D timeframe, the pair is testing that long term trend line once again. Smart money has been buying into this pair for the past couple weeks, yet price has been pushed further downward. If today's candle can end with a hammer formation and show pressure to the upside, we might get to see another chance at $2000 again.

Nick’s USDJPY is starting out strong 📈💡

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Despite the messy price action, the fundamentals are clear on this pair. The EdgeFinder has this pair as one of the strongest sells. And this week is even more of a reinforcement to the short bias. BOC will have another rate statement this Wednesday where they will discuss whether or not to keep hiking or sit at 4.5%. Last month's CPI ticked up from 4.3% to 4.4% suggesting that the bank may need to continue to hike.

Retail is largely long this pair, and so is COT. However, if we look at week-to-week activity, we'd notice a change in institutional activity that we will discuss in the SMT spotlight. COT data is the only category in which EUR has CAD currently beat, and is the only thing keeping the pair from a -8.

NAS100 signal played out very nicely!

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