Daily Analysis For US Doller Index 14-04-2023

Daily Analysis For US Doller Index 14-04-2023

US Doller Index Analysis
US Doller Index
Economic Events and Scenario for US Doller Index
Economic Events : -
GMTEventImpactCurrency
01:00(Cyprus) Good FridayNoneEUR
01:00(Greece) Orthodox Good FridayNoneEUR
01:00(Montenegro) Good FridayNoneEUR
04:35(Japan) 3-Month Bill AuctionLowJPY
06:00(Finland) Inflation Rate YoYLowEUR
06:00(Finland) Inflation Rate MoMLowEUR
06:00(Finland) GDP YoYLowEUR
06:00(Finland) CPILowEUR
07:00(Germany) Wholesale Prices YoYMediumEUR
07:00(Germany) Wholesale Prices MoMMediumEUR
07:30(Switzerland) Producer & Import Prices MoMLowCHF
07:30(Switzerland) Producer & Import Prices YoYLowCHF
07:45(France) Inflation Rate YoYMediumEUR
07:45(France) Inflation Rate MoMMediumEUR
07:45(France) Harmonised Inflation Rate MoMLowEUR
07:45(France) Harmonised Inflation Rate YoYLowEUR
08:00(China) FDI (YTD) YoYMediumCNY
08:00(Slovakia) CPILowEUR
08:00(Slovakia) Inflation Rate MoMLowEUR
08:00(Slovakia) Inflation Rate YoYLowEUR
08:00(Slovakia) Core Inflation Rate MoMLowEUR
08:00(Slovakia) Core Inflation Rate YoYLowEUR
08:00(Spain) CPIHighEUR
08:00(Spain) Core Inflation Rate YoYLowEUR
08:00(Spain) Inflation Rate MoMLowEUR
08:00(Spain) Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate MoMLowEUR
09:00(France) IEA Oil Market ReportMediumEUR
10:30(Belgium) Construction Output YoYLowEUR
11:00(Ireland) Balance of TradeLowEUR
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(Canada) New Motor Vehicle SalesLowCAD
13:30(United States) Import Prices YoYLowUSD
13:30(United States) Retail Sales Ex Gas/Autos MoMHighUSD
13:30(United States) Export Prices YoYLowUSD
13:30(United States) Import Prices MoMMediumUSD
13:30(United States) Export Prices MoMMediumUSD
13:30(United States) Retail Sales MoMHighUSD
13:30(United States) Retail Sales YoYHighUSD
13:30(United States) Retail Sales Ex Autos MoMHighUSD
13:45(United States) Fed Waller SpeechMediumUSD
14:15(United States) Manufacturing Production MoMLowUSD
14:15(United States) Capacity UtilizationLowUSD
14:15(United States) Manufacturing Production YoYLowUSD
14:15(United States) Industrial Production YoYMediumUSD
14:15(United States) Industrial Production MoMMediumUSD
15:00(United States) Retail Inventories Ex Autos MoMLowUSD
15:00(United States) Business Inventories MoMMediumUSD
15:00(United States) Michigan Inflation ExpectationsLowUSD
15:00(United States) Michigan Consumer SentimentHighUSD
15:00(United States) Michigan Consumer ExpectationsLowUSD
15:00(United States) Michigan Current ConditionsLowUSD
15:00(United States) Michigan 5 Year Inflation ExpectationsLowUSD
16:30(United Kingdom) BoE Tenreyro SpeechMediumGBP
18:00(El Salvador) Inflation Rate MoMLowUSD
18:00(El Salvador) Inflation Rate YoYLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
19:15(Germany) Bundesbank Nagel SpeechLowEUR
Today's Scenario: - The index has continued to decline for the fourth day in a row and remains under significant pressure on Friday. This is happening as the overall market sentiment has improved, favoring higher-risk assets. Although many market participants still believe that the Federal Reserve will increase rates by 25 basis points at the May meeting, there is growing speculation that the rate-hiking cycle may be approaching its end. This shift in sentiment has contributed to the recent decline in the US dollar.
Later today, the market will be focused on several important US economic reports, including Retail Sales, Industrial Production, the advanced Michigan Consumer Sentiment index, and Business Inventories.
Buy Scenario: - On the Buying side, the index may face resistance at 103.05, which was the monthly high point reached on April 3rd. The next possible resistance level is at 103.57, which is the 100-day SMA (Simple Moving Average). If the index manages to cross this level, it may reach 105.11, which was the highest point reached during the week of March 15th.
To conclude, the index is currently experiencing a decline, and it may drop further if it breaches the 100.78 level. However, if it manages to surpass the resistance levels at 103.05 and 103.57, it may see an upward trend towards 105.11. Till we do not advise to buy US Dollar Index.
Sell Scenario: - Currently, the index is experiencing a decline of 0.12%, standing at 100.88. If the index breaches the level of 100.78, which is the lowest point it has reached in April 14th, 2023, it will create an opportunity for the index to reach 100.00, a level that holds significant psychological value. If the decline persists, the index may further drop to 99.81, which was the lowest point reached during the week of April 21st, 2022. Till we do not advise to sell in US Dollar Index
Support and Resistance Level: -
SupportResistance
S1 100.71-R1 101.46
S2 100.41-R2 101.90
S3 99.96-R3 102.21

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