Daily Analysis For US Doller Index 10-05-2023

Daily Analysis For US Doller Index 10-05-2023

US Doller Index Analysis
US Doller Index
Economic Events and Scenario for US Doller Index
Economic Events : -
GMTEventImpactCurrency
00:50(Japan) Foreign Exchange ReservesLowJPY
01:00(El Salvador) Mothers' DayNoneUSD
05:30(Netherlands) Manufacturing Production MoMLowEUR
06:00(Estonia) Balance of TradeLowEUR
06:00(Finland) Industrial Production YoYLowEUR
06:00(Japan) Coincident IndexLowJPY
06:00(Japan) Leading Economic IndexLowJPY
07:00(Germany) Harmonised Inflation Rate YoYLowEUR
07:00(Germany) Harmonised Inflation Rate MoMLowEUR
07:00(Germany) Inflation Rate MoMMediumEUR
07:00(Germany) Inflation Rate YoYMediumEUR
07:00(Germany) CPIHighEUR
07:00(Lithuania) Balance of TradeLowEUR
08:00(Austria) Industrial Production YoYLowEUR
08:00(Slovakia) Industrial Production YoYLowEUR
09:00(Italy) Industrial Production YoYLowEUR
09:00(Italy) Industrial Production MoMMediumEUR
09:30(Slovenia) Industrial Production YoYLowEUR
10:00(Belgium) Industrial Production MoMLowEUR
10:00(Belgium) Industrial Production YoYLowEUR
10:00(Cyprus) Balance of TradeLowEUR
10:00(Greece) Harmonised Inflation Rate YoYLowEUR
10:00(Greece) Inflation Rate YoYLowEUR
10:00(Greece) Inflation Rate MoMLowEUR
10:00(Greece) Industrial Production YoYLowEUR
10:00(Malta) Balance of TradeLowEUR
10:00(United Kingdom) 10-Year Treasury Gilt AuctionLowGBP
10:10(Italy) 12-Month BOT AuctionLowEUR
10:30(Germany) 30-Year Bund AuctionLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Latvia) Balance of TradeLowEUR
11:00(Portugal) Balance of TradeLowEUR
11:00(Portugal) Unemployment RateLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:30(Canada) Building Permits MoMLowCAD
13:30(United States) Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate MoMMediumUSD
13:30(United States) Inflation Rate YoYHighUSD
13:30(United States) Core Inflation Rate YoYHighUSD
13:30(United States) CPIHighUSD
13:30(United States) CPI s.aHighUSD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
17:00(Canada) 2-Year Bond AuctionLowCAD
18:00(United States) 10-Year Note AuctionLowUSD
19:00(United States) Monthly Budget StatementMediumUSD
23:45(New Zealand) Food Inflation YoYLowNZD
Today's Scenario: - At the start of the Asian session, the US Dollar Index (DXY), which measures the strength of the US dollar against a basket of six major currencies, is showing slight gains of 0.26%. The DXY is currently trading at around 101.654 after reaching a low of 101.359 earlier in the day.
Buy Scenario: - The US Dollar continues to struggle as it remains near its yearly lows, failing to reach new lows for the year, and being prevented from rising higher by the 20-day Exponential Moving Average (EMA) at 101.728. As a result, the DXY (Dollar Index) is expected to continue trading sideways, with little chance of breaking out of its current range.
Despite the double-bottom formation on the weekly chart, US Dollar bulls must first regain control of the 20-day EMA, followed by the key resistance level at 102.000. If this scenario plays out, the DXY will likely test the confluence of a six-month-old resistance trendline and the 50-day EMA, which are currently situated around the 102.300-400 mark. A decisive break above this level could lead to an acceleration towards the 103.000 area, with the 100-day and 200-day EMAs providing additional resistance at 103.290 and 103.843, respectively. Till we do not advise to buy US Dollar Index.
Sell Scenario: - On the other hand, the DXY's first level of support would be the weekly low of 101.041. Additional support levels can be found beneath the 101.000 mark, including the February 2nd swing low of 100.820, followed by the year-to-date (YTD) low of 100.788. Till we do not advise to sell in US Dollar Index
Support and Resistance Level: -
SupportResistance
S1 101.40-R1 101.88
S2 101.14-R2 102.10
S3 100.92-R3 102.35

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