DXY Outlook 11 April 2023
Note: Not sure what happened at 3am (GMT+8) with the candle reflecting a huge spike up and down. Does not show up on my MT4, so I shall take it as a glitch.
Slightly surprisingly, the DXY strengthened strongly overnight with most major economies still on an Easter Monday bank holiday. It is most likely that because there are no/less counterparties to trade against the US Dollar, this "allowed" price to keep climbing higher.
However, as the price found resistance at the 102.80 price level and the downward trend line, the current price action on the DXY signals a retracement to the downside.
If the price breaks below 102.30 (which coincides with the 38.2% fib level) the DXY could retest the 102 round number support level again, with the 61.8% fib level close by.
Price action is expected to remain choppy, up until the US CPI y/y release tomorrow, with the data expected to signal further slowdown in inflation growth for the US.
This could indicate a slowdown in the FOMC rates decision, especially with the stronger than expected NFP data last Friday showing some "safety" in terms of unemployment.
Slightly surprisingly, the DXY strengthened strongly overnight with most major economies still on an Easter Monday bank holiday. It is most likely that because there are no/less counterparties to trade against the US Dollar, this "allowed" price to keep climbing higher.
However, as the price found resistance at the 102.80 price level and the downward trend line, the current price action on the DXY signals a retracement to the downside.
If the price breaks below 102.30 (which coincides with the 38.2% fib level) the DXY could retest the 102 round number support level again, with the 61.8% fib level close by.
Price action is expected to remain choppy, up until the US CPI y/y release tomorrow, with the data expected to signal further slowdown in inflation growth for the US.
This could indicate a slowdown in the FOMC rates decision, especially with the stronger than expected NFP data last Friday showing some "safety" in terms of unemployment.
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