The US dollar is consolidating at a critical level while a focus shifts to serious US COVID-19 problems. Eyes on key risk events for the US dollar in the week ahead. The US dollar will be a major focus into the quarter’s end, having picked up and carried a safe-haven bid since June 10th, albeit in the face of serious problems in the US pertaining to COVID-19 cases. The US infectious disease chief Dr Anthony Fauci said on Friday that the nation has a “serious problem” as 16 states reel from a spike in cases of the virus. US health experts have said more must be done to slow the spread following the reports of more than 40,000 new cases were recorded across the US on Friday. US prints highest daily COVID-19 total so far With 2.4 million confirmed infections and more than 125,000 deaths nationwide, more than any other country, the total of 40,173, given by Johns Hopkins University, was the highest daily total so far, exceeding the record set only the previous day. However, health officials in the US estimate the true number of cases is likely to be 10 times higher than the reported figure. In Texas, Florida and Arizona, reopening plans have been paused due to the spike. It could be argued that the renewed lockdowns stand to delay the US dollar’s recovery as investors start to identify the second wave as a problem unique to the US. The DXY closed Friday at 97.50 following scoring a high of 97.74 printed mid-week, moving with a negative correlation to US stocks which lost traction on the week with profit-taking a likely factor on the back of a good quarter for risk, (S&P 500 +20%). Meanwhile, the week ahead contains a number of key economic events, including Nonfarm Payrolls at the start of the new month as well as manufacturing ISM and consumer confidence. However, markets may derive more impetus from key speakers in the likes of the Federal Reserve’s Jerome Powell and Williams as well as Steven Mnuchin who is testifying before the House on Tuesday. Bid from trend-line support, 98.30s in focus Moving to the charts, the DXY is making tracks from trendline support towards a 50% retracement of the prior bearish impulse from the 18th May weekly highs. The 98.30s structure is a compelling supply zone and a resistance area. There is also a confluence with the 200-day moving average and a 61.8% Fibonacci. 4HR chart Failures to extend at this point and to create a fresh support structure could well result in a re-test of the trendline support as illustrated in the 4HR chart. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China-India border tensions spark trade friction in 5G and autos – Nikkei FX Street 2 years The US dollar is consolidating at a critical level while a focus shifts to serious US COVID-19 problems. Eyes on key risk events for the US dollar in the week ahead. The US dollar will be a major focus into the quarter's end, having picked up and carried a safe-haven bid since June 10th, albeit in the face of serious problems in the US pertaining to COVID-19 cases. The US infectious disease chief Dr Anthony Fauci said on Friday that the nation has a "serious problem" as 16 states reel from a spike in cases of the virus. US health experts… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.