Daily Analysis For US Doller Index 24-05-2023

Daily Analysis For US Doller Index 24-05-2023

US Doller Index Analysis
US Doller Index
Economic Events and Scenario for US Doller Index
Economic Events : -
GMTEventImpactCurrency
00:00(Japan) Reuters Tankan IndexMediumJPY
01:00(Ecuador) The Battle of PichinchaNoneUSD
02:00(Australia) Westpac Leading Index MoMLowAUD
03:00(New Zealand) RBNZ Interest Rate DecisionMediumNZD
04:00(East Timor) Inflation Rate YoYLowUSD
04:00(East Timor) Inflation Rate MoMLowUSD
04:00(New Zealand) RBNZ Press ConferenceMediumNZD
06:00(Finland) Export Prices YoYLowEUR
06:00(Finland) Import Prices YoYLowEUR
06:00(Finland) PPI YoYLowEUR
06:00(Finland) Unemployment RateLowEUR
07:00(United Kingdom) Core Inflation Rate MoMLowGBP
07:00(United Kingdom) PPI Output YoYLowGBP
07:00(United Kingdom) PPI Input YoYLowGBP
07:00(United Kingdom) PPI Input MoMLowGBP
07:00(United Kingdom) PPI Output MoMLowGBP
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) PPI Core Output YoYLowGBP
07:00(United Kingdom) PPI Core Output MoMLowGBP
07:00(United Kingdom) Retail Price Index YoYLowGBP
07:00(United Kingdom) Retail Price Index MoMLowGBP
08:00(Euro Area) ECB Non-Monetary Policy MeetingMediumEUR
08:10(Australia) RBA Jacobs SpeechMediumAUD
09:00(Germany) Ifo ExpectationsLowEUR
09:00(Germany) Ifo Current ConditionsLowEUR
09:00(Germany) Ifo Business ClimateHighEUR
10:30(Germany) 15-Year Bund AuctionLowEUR
10:30(United Kingdom) BoE Gov Bailey SpeechMediumGBP
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
14:00(Belgium) Business ConfidenceLowEUR
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
16:30(United States) 2-Year FRN AuctionLowUSD
17:00(Canada) 10-Year Bond AuctionLowCAD
17:10(United States) Fed Waller SpeechMediumUSD
18:00(United States) 5-Year Note AuctionLowUSD
18:45(Euro Area) ECB President Lagarde SpeechMediumEUR
19:00(United States) FOMC MinutesHighUSD
Today's Scenario: - The US Dollar Index (DXY) has reached a nine-week high but is currently experiencing a pause as it hovers around 103.50. Traders are eagerly awaiting the release of the latest Federal Open Market Committee (FOMC) Meeting Minutes, which is influencing the movement of the greenback against six major currencies. The ongoing concerns about the possibility of a US default are also posing challenges for the DXY. However, the hawkish stance of the Federal Reserve (Fed) and positive economic data from the United States are providing some support to the DXY during the early Wednesday session.
The lack of progress in the talks to avoid the expiration of the US debt ceiling and fears of a potential default by the US government have weighed on market sentiment recently. US House Speaker Kevin McCarthy recently indicated that there would be no deal on the debt ceiling extension today, but he remains optimistic that an agreement will be reached before June 1. In addition, there have been reports that the US Treasury has asked various agencies if they can delay payment demands.
Buy Scenario: - On the upside, a break above the resistance level at 103.65, which is the monthly high from May 23, could potentially lead to further gains. The next resistance levels to monitor are at 105.73, which corresponds to the 200-day SMA, and then at 105.88, which represents the high from March 8, 2023.
Please note that the information provided is based on the given scenario and historical price levels. Market conditions are subject to change, and it is important to conduct thorough analysis and consider other factors before making any trading decisions. Till we do not advise to buy US Dollar Index.
Sell Scenario: - The US Dollar Index (DXY) has declined by 0.12% to 103.39 and is currently testing support at the 55-day Simple Moving Average (SMA) at 102.45. If the index breaks below this level, the next support levels to watch are at 101.01, which is the weekly low from April 26, and then at 100.78, which is the low from April 14, 2023. Till we do not advise to sell in US Dollar Index
Support and Resistance Level: -
SupportResistance
S1 103.25-R1 103.73
S2 102.96-R2 103.93
S3 102.76-R3 104.22

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