Daily Analysis For US Doller Index 22-05-2023

Daily Analysis For US Doller Index 22-05-2023

US Doller Index Analysis
US Doller Index
Economic Events and Scenario for US Doller Index
Economic Events : -
00:50(Japan) Machinery Orders YoYMediumJPY
00:50(Japan) Machinery Orders MoMMediumJPY
01:00(Canada) Victoria DayNoneCAD
01:00(Montenegro) Independence DayNoneEUR
02:15(China) Loan Prime Rate 1YMediumCNY
02:15(China) Loan Prime Rate 5YMediumCNY
05:30(Netherlands) Consumer ConfidenceMediumEUR
06:00(Estonia) PPI YoYLowEUR
06:00(Estonia) PPI MoMLowEUR
07:30(Switzerland) Industrial Production YoYMediumCHF
08:00(Slovakia) Current AccountLowEUR
09:00(Greece) Current AccountLowEUR
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
10:00(Belgium) Consumer ConfidenceLowEUR
10:00(Euro Area) Construction Output YoYLowEUR
10:45(European Union) EU Bond AuctionLowEUR
11:00(Ireland) Wholesale Prices MoMLowEUR
11:00(Ireland) Wholesale Prices YoYLowEUR
11:00(Luxembourg) Unemployment RateLowEUR
11:30(Portugal) Current AccountLowEUR
13:00(Kosovo) Balance of TradeLowEUR
13:30(United States) Fed Bullard SpeechMediumUSD
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:00(Euro Area) Consumer ConfidenceMediumEUR
15:50(United States) Fed Barkin SpeechMediumUSD
15:50(United States) Fed Bostic SpeechMediumUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
20:00(El Salvador) Balance of TradeLowUSD

Today's Scenario: - The US Dollar Index (DXY) remains near its intraday low around 103.00 as it continues to retreat from the multi-day high reached on Friday. This decline is driven by concerns surrounding the US debt ceiling negotiations and the Federal Reserve (Fed) during the early hours of Monday. The DXY, which measures the US Dollar against six major currencies, reflects the market's anticipation of significant data and events scheduled for this week.
One factor contributing to the DXY's weakness is the inability of US policymakers to reach a deal on the debt ceiling, as well as mixed comments from Fed officials.
Reuters reported that US President Joe Biden and House Republican Speaker Kevin McCarthy will meet on Monday to discuss the debt ceiling, following a "productive" phone call between the two as the president returned to Washington. However, it should be noted that Republicans have expressed less optimism and temporarily suspended talks over the weekend.

Buy Scenario: - To regain control, the bears of the US Dollar Index (DXY) would require confirmation by breaking below the 100-day moving average (DMA) support, which is approximately located at 102.85. The current main trend of the US Dollar Index is upward, but Friday's price action suggests a potential shift in momentum towards the downside. The closest resistance level is at 103.54 (R1). A break above this level would indicate increasing buying pressure and could lead to a further rally towards the next target at 103.90 (R2). Till we do not advise to buy US Dollar Index.

Sell Scenario: - On the other hand, if downward momentum strengthens on Monday, we could see a break below the near-term support at 102.92 (S1). As the main trend is still upward, there might be a technical bounce on the initial test of this level. However, if it fails to hold, selling pressure could extend towards 102.64 (S2). Till we do not advise to sell in US Dollar Index

Support and Resistance Level: -
S1 102.92-R1 103.54
S2 102.64-R2 103.90
S3 102.29-R3 104.17


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