Daily Analysis For US Doller Index 01-05-2023

Daily Analysis For US Doller Index 01-05-2023

US Doller Index Analysis
US Doller Index
Economic Events and Scenario for US Doller Index
Economic Events : -
00:00(Australia) Judo Bank Manufacturing PMIHighAUD
01:00(Austria) Labor DayNoneEUR
01:00(Belgium) Labor DayNoneEUR
01:00(China) May DayNoneCNY
01:00(Cyprus) Labor DayNoneEUR
01:00(Ecuador) Labor DayNoneUSD
01:00(El Salvador) Labor DayNoneUSD
01:00(Estonia) Spring DayNoneEUR
01:00(Euro Area) Labor DayNoneEUR
01:00(Finland) May DayNoneEUR
01:00(France) Labor DayNoneEUR
01:00(Germany) Labor DayNoneEUR
01:00(Greece) Labor DayNoneEUR
01:00(Ireland) May DayNoneEUR
01:00(Italy) Labor DayNoneEUR
01:00(Latvia) Labor DayNoneEUR
01:00(Lithuania) Labor DayNoneEUR
01:00(Luxembourg) Labor DayNoneEUR
01:00(Malta) Labor DayNoneEUR
01:00(Montenegro) Labor dayNoneEUR
01:00(Portugal) Labor DayNoneEUR
01:00(Spain) Labor DayNoneEUR
01:00(United Kingdom) May Day Bank HolidayNoneGBP
01:30(Japan) Jibun Bank Manufacturing PMIMediumJPY
02:00(Australia) TD-MI Inflation Gauge MoMLowAUD
02:30(Australia) ANZ-Indeed Job Ads MoMLowAUD
06:00(Japan) Consumer ConfidenceHighJPY
07:30(Australia) Commodity Prices YoYLowAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
14:30(Canada) S&P Global Manufacturing PMIHighCAD
14:45(United States) S&P Global Manufacturing PMIHighUSD
15:00(United States) ISM Manufacturing PricesLowUSD
15:00(United States) ISM Manufacturing New OrdersLowUSD
15:00(United States) ISM Manufacturing EmploymentMediumUSD
15:00(United States) Construction Spending MoMLowUSD
15:00(United States) ISM Manufacturing PMIHighUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD

Today's Scenario: - The US Dollar Index (DXY) is trading at around 101.70 during early trading on Monday, supported by its safe-haven status and hawkish Fed bets. Market fears surrounding the First Republic bank, as well as recently upbeat US data, are also contributing to the greenback's strength ahead of this week's Fed meeting and US Nonfarm Payrolls (NFP) releases.
The share prices of First Republic bank fell heavily last week due to a large exodus in deposits, prompting the Federal Deposit Insurance Corporation (FDIC) to call in bids for the troubled bank. Several top-tier private organizations, including JP Morgan, have bid for the bank's takeover, and the results are set to be released soon. However, this may only provide temporary relief as an immediate defense of the bank by a private player is not a solution to broader banking problems. On the contrary, it raises fears of similar actions for larger public banks in the future, which could keep the risk-off mood intact.

Buy Scenario: - On Friday, buyers pushed the US Dollar Index above its previous high of $101.940, signaling a change in the main trend to an upward direction. The next targets for buyers are at a Fibonacci level of $102.310, and then at a main top of $102.480. If the main top is surpassed, it will confirm the uptrend, and buyers will target a 50% level at $102.918. Till we do not advise to buy US Dollar Index.

Sell Scenario: - If the index experiences a pullback, the first support level is a minor pivot at $101.390. The next support zone is between $101.230 and $101.039, which is a short-term support area. If the index falls below this area, it will reach the main bottom of $101.039, and this will change the main trend to a downward direction. Till we do not advise to sell in US Dollar Index

Support and Resistance Level: -
S1 101.24-R1 101.76
S2 101.00-R2 102.04
S3 100.72-R3 102.29


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