Daily Analysis For US Doller Index 22-03-2023

Daily Analysis For US Doller Index 22-03-2023

US Doller Index Analysis
US Doller Index Economic Events and Scenario for US Doller Index
Economic Events : -
GMTEventImpactCurrency
00:00(Australia) Westpac Leading Index MoMLowAUD
05:30(Netherlands) Consumer ConfidenceMediumEUR
07:00(United Kingdom) PPI Core Output YoYLowGBP
07:00(United Kingdom) PPI Core Output MoMLowGBP
07:00(United Kingdom) Core Inflation Rate MoMLowGBP
07:00(United Kingdom) PPI Output MoMLowGBP
07:00(United Kingdom) PPI Input MoMLowGBP
07:00(United Kingdom) PPI Output YoYLowGBP
07:00(United Kingdom) PPI Input YoYLowGBP
07:00(United Kingdom) Inflation Rate MoMMediumGBP
07:00(United Kingdom) Core Inflation Rate YoYMediumGBP
07:00(United Kingdom) Inflation Rate YoYHighGBP
07:00(United Kingdom) Retail Price Index YoYLowGBP
07:00(United Kingdom) Retail Price Index MoMLowGBP
08:00(Slovakia) Current AccountLowEUR
08:00(Switzerland) Current AccountMediumCHF
08:45(Euro Area) ECB President Lagarde SpeechMediumEUR
09:00(Euro Area) Current AccountLowEUR
09:00(Euro Area) Current Account s.aLowEUR
09:30(Euro Area) ECB Lane SpeechMediumEUR
10:00(Belgium) Consumer ConfidenceLowEUR
10:00(Italy) Current AccountLowEUR
10:00(United Kingdom) 5-Year Treasury Gilt AuctionLowGBP
10:30(Germany) 10-Year Bund AuctionMediumEUR
11:00(Ireland) Wholesale Prices MoMLowEUR
11:00(Ireland) Wholesale Prices YoYLowEUR
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
11:00(United States) MBA 30-Year Mortgage RateMediumUSD
11:00(United States) MBA Mortgage ApplicationsLowUSD
11:00(United States) MBA Mortgage Market IndexLowUSD
11:00(United States) MBA Mortgage Refinance IndexLowUSD
11:00(United States) MBA Purchase IndexLowUSD
11:30(Portugal) Current AccountLowEUR
12:05(Germany) Bundesbank Mauderer SpeechLowEUR
12:30(Canada) New Housing Price Index MoMMediumCAD
12:30(Canada) New Housing Price Index YoYMediumCAD
13:45(Euro Area) ECB Panetta SpeechLowEUR
14:00(Kosovo) Balance of TradeLowEUR
14:30(United States) EIA Refinery Crude Runs ChangeLowUSD
14:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
14:30(United States) EIA Heating Oil Stocks ChangeLowUSD
14:30(United States) EIA Gasoline Production ChangeLowUSD
14:30(United States) EIA Distillate Stocks ChangeLowUSD
14:30(United States) EIA Crude Oil Imports ChangeLowUSD
14:30(United States) EIA Gasoline Stocks ChangeMediumUSD
14:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
14:30(United States) EIA Distillate Fuel Production ChangeLowUSD
15:30(United States) 17-Week Bill AuctionLowUSD
17:00(Germany) Bundesbank Nagel SpeechLowEUR
17:30(Canada) BoC Summary of DeliberationsMediumCAD
18:00(United States) Fed Interest Rate DecisionHighUSD
18:00(United States) FOMC Economic ProjectionsHighUSD
18:00(United States) Interest Rate Projection - LongerMediumUSD
18:00(United States) Interest Rate Projection - CurrentMediumUSD
18:00(United States) Interest Rate Projection - 2nd YrMediumUSD
18:00(United States) Interest Rate Projection - 1st YrMediumUSD
18:30(United States) Fed Press ConferenceHighUSD
23:00(Japan) Reuters Tankan IndexMediumJPY
Today's Scenario: - The US Dollar Index (DXY) is struggling to maintain a bearish bias due to pre-Federal Reserve (Fed) meeting anxiety dominating the trading sentiment early on Wednesday. Despite this, the greenback's index against six major currencies remains low around the five-week low recorded on the previous day, hovering around 103.20 currently.
Buy Scenario: - If the US Dollar Index manages to close above the 50-day moving average (DMA) level of 103.45, it still faces a downward-sloping resistance line from March 8, currently around 104.25, which could limit further upside movements. Beyond that, the monthly high and the 200-DMA hurdles, located around 105.90 and 106.65 respectively, will be the next resistance levels in focus. Till we do not advise to buy US Dollar Index.
Sell Scenario: - The US Dollar Index is heading towards a support zone between 102.65 and 102.55, which has been significant since early January. In the event that the index breaks below this support zone, the four-month-old previous resistance line could act as support at around 101.80 before potentially pushing the index towards the Year-To-Date low marked in February at around 100.80. Till we do not advise to sell US Dollar Index.
Support and Resistance Level: -
SupportResistance
S1 102.98-R1 103.49
S2 102.73-R2 103.76
S3 102.46-R3 104.01

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