Daily Analysis For US Doller Index 25-04-2023

Daily Analysis For US Doller Index 25-04-2023

US Doller Index Analysis
US Doller Index
Economic Events and Scenario for US Doller Index
Economic Events : -
GMTEventImpactCurrency
01:00(Australia) ANZAC DayNoneAUD
01:00(Italy) Liberation DayNoneEUR
01:00(New Zealand) ANZAC DayNoneNZD
01:00(Portugal) Liberty DayNoneEUR
03:45(East Timor) Inflation Rate MoMLowUSD
03:45(East Timor) Inflation Rate YoYLowUSD
07:00(Switzerland) Balance of TradeMediumCHF
07:00(United Kingdom) Public Sector Net BorrowingLowGBP
07:00(United Kingdom) Public Sector Net Borrowing Ex BanksLowGBP
08:00(Spain) PPI YoYLowEUR
09:00(Euro Area) ECB Enria SpeechLowEUR
09:30(Slovenia) Tourist Arrivals YoYLowEUR
10:00(United Kingdom) BoE Member BroadbentLowGBP
10:30(Germany) 2-Year Schatz AuctionLowEUR
11:00(Latvia) PPI MoMLowEUR
11:00(Latvia) PPI YoYLowEUR
11:00(Luxembourg) Balance of TradeLowEUR
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
11:00(United Kingdom) CBI Business Optimism IndexMediumGBP
13:00(United States) Building PermitsMediumUSD
13:00(United States) Building Permits MoMLowUSD
13:55(United States) Redbook YoYLowUSD
14:00(United States) House Price IndexLowUSD
14:00(United States) House Price Index YoYLowUSD
14:00(United States) House Price Index MoMLowUSD
14:00(United States) S&P/Case-Shiller Home Price MoMMediumUSD
14:00(United States) S&P/Case-Shiller Home Price YoYMediumUSD
15:00(United States) Richmond Fed Manufacturing Shipments IndexLowUSD
15:00(United States) CB Consumer ConfidenceMediumUSD
15:00(United States) Richmond Fed Services IndexLowUSD
15:00(United States) Richmond Fed Manufacturing IndexLowUSD
15:00(United States) New Home SalesHighUSD
15:00(United States) New Home Sales MoMHighUSD
15:30(United States) Dallas Fed Services Revenues IndexLowUSD
15:30(United States) Dallas Fed Services IndexLowUSD
15:30(United States) NY Fed Treasury Purchases 4.5 to 7 yrsLowUSD
18:00(United States) 2-Year Note AuctionLowUSD
21:30(United States) API Crude Oil Stock ChangeMediumUSD
23:45(New Zealand) ImportsLowNZD
23:45(New Zealand) ExportsLowNZD
23:45(New Zealand) Balance of TradeMediumNZD
Today's Scenario: - The US Dollar Index (DXY) has fallen for the fourth consecutive day, trading near 101.30 in early Tuesday's Asian session. The decline in the greenback index against the major six currencies can be attributed to the drop in US Treasury bond yields, as traders anticipate a dovish Federal Reserve (Fed) and weak US data.
Traders are concerned about the US reaching its debt limit expiration in June and the political drama leading up to it, which is driving them towards safe-haven assets and increasing demand for one-month US Treasury bond yields. Additionally, there are indications that the Fed may announce one last rate hike worth 0.25% in May before signaling a policy pivot. This has led to the largest widening in the difference between one-month and three-month US Treasury bond yields since 2001.
Buy Scenario: - Looking at the daily technical analysis the upside may face solid resistance at 101.450, followed by 101.695. To stop the downward momentum, aggressive buyers could enter the market around the 101.180-101.000 support zone. A reversal in this area could produce a secondary higher bottom, indicating a strong signal of new buyers entering the market. Till we do not advise to buy US Dollar Index.
Sell Scenario: - The June US Dollar Index futures are currently trading within a pivot zone of 101.180-101.000 from a daily technical standpoint, suggesting a downside move may be favored. Today's drop below 101.450 triggered a significant decline towards 101.180, and if that level is broken, the selling could potentially extend towards the next support at 101.000. This level could trigger a further decline towards a support cluster at 100.420-100.345. Till we do not advise to sell in US Dollar Index
Support and Resistance Level: -
SupportResistance
S1 101.15-R1 101.73
S2 100.95-R2 102.11
S3 100.57-R3 102.31

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