Daily Analysis For US Doller Index 18-05-2023

Daily Analysis For US Doller Index 18-05-2023

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
00:50(Japan) Imports YoYLowJPY
00:50(Japan) Exports YoYMediumJPY
00:50(Japan) Balance of TradeHighJPY
01:00(Austria) Ascension DayNoneEUR
01:00(Belgium) Ascension DayNoneEUR
01:00(Euro Area) Ascension DayNoneEUR
01:00(Finland) Ascension DayNoneEUR
01:00(France) Ascension DayNoneEUR
01:00(Germany) Ascension DayNoneEUR
01:00(Luxembourg) Ascension DayNoneEUR
01:00(Netherlands) Ascension DayNoneEUR
01:00(Switzerland) Ascension DayNoneCHF
02:30(Australia) Part Time Employment ChgMediumAUD
02:30(Australia) Participation RateLowAUD
02:30(Australia) Full Time Employment ChgMediumAUD
02:30(Australia) Unemployment RateHighAUD
02:30(Australia) Employment ChangeHighAUD
04:00(East Timor) Inflation Rate YoYLowUSD
04:00(East Timor) Inflation Rate MoMLowUSD
04:35(Japan) 52-Week Bill AuctionLowJPY
07:30(Euro Area) ECB Guindos SpeechHighEUR
09:00(Spain) Balance of TradeMediumEUR
09:40(Spain) Obligacion AuctionLowEUR
09:40(Spain) 5-Year Bonos AuctionLowEUR
10:00(Euro Area) ECB President Lagarde SpeechMediumEUR
11:00(Portugal) PPI MoMLowEUR
11:00(Portugal) PPI YoYLowEUR
11:00(Slovakia) Unemployment RateLowEUR
11:30(Portugal) Private Consumption YoYLowEUR
11:30(Portugal) Economic Activity YoYLowEUR
13:30(United States) Philadelphia Fed Manufacturing IndexMediumUSD
13:30(United States) Philly Fed Business ConditionsLowUSD
13:30(United States) Philly Fed CAPEX IndexLowUSD
13:30(United States) Philly Fed EmploymentLowUSD
13:30(United States) Philly Fed New OrdersLowUSD
13:30(United States) Philly Fed Prices PaidLowUSD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(Canada) New Housing Price Index YoYMediumCAD
13:30(Canada) New Housing Price Index MoMMediumCAD
14:05(United States) Fed Jefferson SpeechMediumUSD
14:30(United States) Fed Barr TestimonyMediumUSD
15:00(United States) Existing Home Sales MoMHighUSD
15:00(United States) Existing Home SalesHighUSD
15:00(United States) CB Leading Index MoMLowUSD
15:00(United States) Fed Logan 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) 10-Year TIPS AuctionLowUSD
20:00(El Salvador) Balance of TradeLowUSD
23:45(New Zealand) Balance of TradeMediumNZD
23:45(New Zealand) ExportsLowNZD
23:45(New Zealand) ImportsLowNZD
Today's Scenario: - During early Thursday in Asia, buyers of the US Dollar Index (DXY) are facing challenges in maintaining control at the highest levels seen in seven weeks. The DXY is currently trading near 102.90, retracing from the multi-day high reached late Wednesday.
Previously, the DXY benefited from optimism surrounding the avoidance of a US default and hawkish comments from Federal Reserve (Fed) officials, which propelled it to a nearly two-month high. However, concerns about the ability of policymakers to reach a comprehensive agreement and worries about a potential slowdown in US retail sales are now pressuring buyers of the US Dollar Index.
Please note that this information is for educational purposes only and not financial advice.
Buy Scenario: - Currently, the US Dollar Index (DXY) is up 0.10% at 102.96. If it manages to break above the level of 103.11, which represents the monthly high on May 17, it could potentially pave the way for further gains towards 105.79, which coincides with the 200-day simple moving average (SMA). Beyond that, the next target would be 105.88, the high reached on March 8, 2023. Till we do not advise to buy US Dollar Index.
Sell Scenario: - On the downside, the DXY has immediate support at 101.01, representing the weekly low on April 26. If the index weakens further, the next support level to watch is at 100.78, the low reached on April 14, 2023. Ultimately, the psychological level of 100.00 could act as a significant support if breached.
Please note that these are technical levels and should be interpreted in the context of broader market analysis. Till we do not advise to sell in US Dollar Index
Support and Resistance Level: -
SupportResistance
S1 102.57-R1 103.15
S2 102.27-R2 103.43
S3 101.99-R3 103.73

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