Daily Analysis For US Doller Index 20-04-2023

Daily Analysis For US Doller Index 20-04-2023

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
00:50(Japan) Imports YoYLowJPY
00:50(Japan) Exports YoYMediumJPY
00:50(Japan) Balance of TradeHighJPY
02:15(China) Loan Prime Rate 1YMediumCNY
02:15(China) Loan Prime Rate 5YMediumCNY
04:35(Japan) 20-Year JGB AuctionLowJPY
05:30(Japan) Tertiary Industry Index MoMLowJPY
05:30(Netherlands) Unemployment RateMediumEUR
05:30(Netherlands) Consumer ConfidenceMediumEUR
06:00(Estonia) PPI YoYLowEUR
06:00(Estonia) PPI MoMLowEUR
07:00(Germany) PPI YoYLowEUR
07:00(Germany) PPI MoMMediumEUR
07:45(France) Business Climate IndicatorLowEUR
07:45(France) Business ConfidenceMediumEUR
09:00(Greece) Current AccountLowEUR
09:00(Spain) Balance of TradeMediumEUR
09:40(Spain) 7-Year Obligacion AuctionLowEUR
09:40(Spain) 10-Year Obligacion AuctionLowEUR
10:00(China) FDI (YTD) YoYMediumCNY
10:00(Euro Area) Balance of TradeMediumEUR
10:00(Belgium) Consumer ConfidenceLowEUR
10:00(France) 5-Year BTAN AuctionLowEUR
10:00(France) 3-Year BTAN AuctionLowEUR
11:00(France) 10-Year Index-Linked OAT AuctionLowEUR
11:00(Luxembourg) Unemployment RateLowEUR
11:00(Portugal) PPI YoYLowEUR
11:00(Portugal) PPI MoMLowEUR
12:30(Euro Area) ECB Monetary Policy Meeting AccountsMediumEUR
13:30(United States) Philadelphia Fed Manufacturing IndexMediumUSD
13:30(United States) Philly Fed Business ConditionsLowUSD
13:30(United States) Philly Fed EmploymentLowUSD
13:30(United States) Philly Fed CAPEX IndexLowUSD
13:30(United States) Philly Fed Prices PaidLowUSD
13:30(United States) Philly Fed New OrdersLowUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(United States) Initial Jobless ClaimsHighUSD
15:00(Euro Area) Consumer ConfidenceMediumEUR
15:00(United States) Existing Home Sales MoMHighUSD
15:00(United States) Existing Home SalesHighUSD
15:00(United States) CB Leading Index MoMLowUSD
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
17:00(United States) Fed Waller SpeechMediumUSD
18:00(United States) 5-Year TIPS AuctionLowUSD
20:00(United States) Fed Bowman SpeechMediumUSD
21:15(Euro Area) ECB Schnabel SpeechLowEUR
Today's Scenario: - The US Dollar Index (DXY) has started to gain momentum and is trading above the key level of 102.00 during the early hours of Thursday’s Asian session. The recent bullish movement is attributed to hawkish concerns about the Federal Reserve (Fed) and geopolitical fears, following a day of high volatility.
New York Fed President John Williams has expressed his support for a 0.25% interest rate hike in May and has stated that "Inflation is still too high, and we will use our monetary policy tools to restore price stability." These comments have added to the hawkish sentiment surrounding the US Dollar.
Investors are also closely monitoring geopolitical tensions, particularly the escalating tensions between Russia and Ukraine. The uncertainty around the situation has prompted investors to seek the safe-haven status of the US Dollar.
Overall, the US Dollar Index's renewed bullish sentiment is a reflection of the market's expectation of a more hawkish stance from the Fed and the safe-haven demand amid geopolitical concerns.
Buy Scenario: - Looking at the daily technical analysis of June US Dollar Index futures, the current trading range is within a pivot zone located at 101.450 – 101.695. The technical indicators suggest a possible downward move. However, if the price manages to surpass the upper end of the pivot zone at 101.695, the rally may extend further towards 102.310. Till we do not advise to buy US Dollar Index.
Sell Scenario: - On the other hand, if the price breaks below the lower end of the pivot zone at 101.450, it could indicate weakness in the market. This may create downward momentum, leading to a challenge of the support cluster located at 100.420 – 100.345. Till we do not advise to sell in US Dollar Index
Support and Resistance Level: -
SupportResistance
S1 101.66-R1 102.23
S2 101.37-R2 102.52
S3 101.08-R3 102.81

Discussion

default man
Explore
Trade360 Review 2023: Account Options, Trading Hours, Security Measures, Pros and Cons

Trade360 Review 2023: Account Options, T...

Finexo Review 2023: Account Types, Spreads, Customer Support and Expert Analysis

Finexo Review 2023: Account Types, Sprea...

eToro Review 2023: Trading Platforms, Instrument Variety Pros and Cons

eToro Review 2023: Trading Platforms, I...

Comprehensive Review of FXTrading.com: Pros and Cons of a Leading Trading Platform

Comprehensive Review of FXTrading.com: P...

Sky Alliance Markets Review 2023: Pros, Cons, and Trading Features

Sky Alliance Markets Review 2023: Pros, ...

;