Daily Analysis For US Doller Index 06-04-2023

Daily Analysis For US Doller Index 06-04-2023

US Doller Index Analysis
US Doller Index
Economic Events and Scenario for US Doller Index
Economic Events : -
GMTEventImpactCurrency
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
01:00(El Salvador) Maundy ThursdayNoneUSD
01:00(Portugal) Maundy ThursdayNoneEUR
02:30(Australia) Exports MoMLowAUD
02:30(Australia) Imports MoMLowAUD
02:30(Australia) Balance of TradeHighAUD
02:30(Australia) RBA Financial Stability ReviewMediumAUD
02:45(China) Caixin Composite PMILowCNY
02:45(China) Caixin Services PMIHighCNY
04:35(Japan) 6-Month Bill AuctionLowJPY
04:35(Japan) 30-Year JGB AuctionLowJPY
06:00(Estonia) Industrial Production MoMLowEUR
06:00(Estonia) Industrial Production YoYLowEUR
06:00(Finland) Industrial Production YoYLowEUR
06:45(Switzerland) Unemployment RateHighCHF
07:00(Finland) Balance of TradeLowEUR
07:00(Germany) Industrial Production MoMMediumEUR
07:00(United Kingdom) Halifax House Price Index MoMMediumGBP
07:00(United Kingdom) Halifax House Price Index YoYMediumGBP
08:00(Austria) Balance of TradeLowEUR
08:00(Austria) Wholesale Prices MoMLowEUR
08:00(Austria) Wholesale Prices YoYLowEUR
08:00(Slovakia) Balance of TradeLowEUR
08:00(Switzerland) Foreign Exchange ReservesLowCHF
08:30(Euro Area) S&P Global Construction PMILowEUR
08:30(France) S&P Global Construction PMILowEUR
08:30(Germany) S&P Global Construction PMIMediumEUR
08:30(Italy) S&P Global Construction PMILowEUR
09:00(Germany) New Car Registrations YoYLowEUR
09:30(United Kingdom) S&P Global/CIPS Construction PMIMediumGBP
10:00(France) New Car Registrations YoYLowEUR
10:00(Cyprus) Construction Output YoYLowEUR
10:00(Cyprus) Inflation Rate MoMLowEUR
10:00(Cyprus) Inflation Rate YoYLowEUR
10:00(France) 10-Year OAT AuctionLowEUR
11:00(Ireland) Industrial Production YoYLowEUR
12:30(United States) Challenger Job CutsLowUSD
13:30(Canada) Average Hourly Wages YoYLowCAD
13:30(Canada) Part Time Employment ChgMediumCAD
13:30(Canada) Full Time Employment ChgMediumCAD
13:30(Canada) Participation RateMediumCAD
13:30(Canada) Employment ChangeHighCAD
13:30(Canada) Unemployment RateHighCAD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
15:00(Canada) Ivey PMI s.aHighCAD
15:00(Ecuador) Inflation Rate YoYLowUSD
15:00(United States) Total Vehicle SalesLowUSD
15:00(United States) Fed Bullard SpeechMediumUSD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD

Today's Scenario: - The US Dollar Index (DXY) has retreated to 101.82 during early Thursday after fading late Wednesday's corrective bounce off 101.41. The greenback's gauge, which measures its performance against six major currencies, indicates that there are challenges facing the US employment sector.

Buy Scenario: - In Dollar Index any upticks in the index are likely to be capped under the falling 10-day moving average (102.02), providing better opportunities for market participants to re-enter the larger bearish market. Only a move above the resistance zone of 102.73/78 (Monday’s top/falling 20-day moving average) would sideline the bears and open the way for a stronger correction. Till we do not advise to buy US Dollar Index.

Sell Scenario: - The US dollar index is currently consolidating above a new two-month low, which was reached after a sharp fall in the past two days. The decline in the greenback can be attributed to renewed risk appetite, as well as weak economic data from the US. This suggests that the US Federal Reserve may be nearing the end of its tightening cycle, making the US currency less attractive for investors.
Market participants will be closely watching US economic data for more clues about economic growth, especially in light of the banking stress, which could have a significant impact on the dollar's performance. While the latest crisis in the sector has faded, many remain cautious about this problem.
The recent drop in the dollar index was a retracement of most of the 100.66/105.85 rally and pushed the price close to a key support level at 100.66 (2023 low). Bearish daily studies further support the downside. However, oversold conditions on the daily chart suggest that larger bears may take a breather and consolidate before making a final push towards 100.66 and the psychological level of 100.00. Till we do not advise to sell in US Dollar Index

Support and Resistance Level: -
SupportResistance
S1 101.54-R1 102.12
S2 101.18-R2 102.35
S3 100.96-R3 102.70

Discussion

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