US Dollar Index Technical Analysis: retraces down after US GDP
DXY found resistance at the 98.34 level after the release of the US GDP (Gross Domestic Product) Q1. *Chicago PMI *CB Confidence * ADP Non-farm Employment Change and THe ISM Manufacturing PMI four Report looks better then ever . Until date 1, these three market mover data. last week's GDP growth and was solid. These reports are better then the ones that are good.
May 2 FOMC , Rate Decision and Press Conferences. Even before we saw that progress from the FED member to the Powell is good, trying to increase the rate of not being influenced of Dovish statement was very broad. This FOMC and Press conference will also try to keep the strongest Dollar stopping and rating the Dovish statement.
And 3 May, is the labor market report. if there is a chance to have a dollar strand even now that's why Apra will try to stop the dollar's power from being on the date with a Dovish statement. the ADP expects too much if the NFP expects less then before. so seeing the ADP report, we can be sure of how NFP can be. and if expectations are less then 1,00,000 / 81 thousand people, they can not be called bad. Below 150k is actually bad to say. The dollar must sell the market will not believe anything.
If we are part of the ISM Manufacturing PMI's Employment component, we can be more convinced about the NFP. ADP and ISM Manufacturing PMI's Employment component the main tool to learn how NFP can be our main tool.
TECHNICALLY the dollar index the projection of the reports is called positive forecast. In this case, the dollar index will break 100/100.40 at any time breaking 98.40. That means that around 200/25 pips will be able to make the dollar stronger, unlike Euro, Pound, and Swiss France. But the question is, what is so strong dollar for the American ? I do not thing so, but they will not be able to stop the reports.The hedge fund, the bank will not want to easily hit and hit it, but it will not stop because the reports are good. What can the FED do ? Yes, there is still a power in their hands that is FOMC. It can protect it from being too strong and i think that will happen.
Technical key levels:-
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Daily SMA100 96.66
Daily SMA200 96.17
Previous Weekly High 97.49
Previous Weekly Low 96.79
Previous Monthly High 97.71
Previous Monthly Low 95.74
Daily Fibonacci 38.2% 98.2
Daily Fibonacci 61.8% 98.12
May 2 FOMC , Rate Decision and Press Conferences. Even before we saw that progress from the FED member to the Powell is good, trying to increase the rate of not being influenced of Dovish statement was very broad. This FOMC and Press conference will also try to keep the strongest Dollar stopping and rating the Dovish statement.
And 3 May, is the labor market report. if there is a chance to have a dollar strand even now that's why Apra will try to stop the dollar's power from being on the date with a Dovish statement. the ADP expects too much if the NFP expects less then before. so seeing the ADP report, we can be sure of how NFP can be. and if expectations are less then 1,00,000 / 81 thousand people, they can not be called bad. Below 150k is actually bad to say. The dollar must sell the market will not believe anything.
If we are part of the ISM Manufacturing PMI's Employment component, we can be more convinced about the NFP. ADP and ISM Manufacturing PMI's Employment component the main tool to learn how NFP can be our main tool.
TECHNICALLY the dollar index the projection of the reports is called positive forecast. In this case, the dollar index will break 100/100.40 at any time breaking 98.40. That means that around 200/25 pips will be able to make the dollar stronger, unlike Euro, Pound, and Swiss France. But the question is, what is so strong dollar for the American ? I do not thing so, but they will not be able to stop the reports.The hedge fund, the bank will not want to easily hit and hit it, but it will not stop because the reports are good. What can the FED do ? Yes, there is still a power in their hands that is FOMC. It can protect it from being too strong and i think that will happen.
Technical key levels:-
===================
Daily SMA100 96.66
Daily SMA200 96.17
Previous Weekly High 97.49
Previous Weekly Low 96.79
Previous Monthly High 97.71
Previous Monthly Low 95.74
Daily Fibonacci 38.2% 98.2
Daily Fibonacci 61.8% 98.12
Comment:
1. The index struggles for direction in the mid-97.00s.
2. Yields of the US 10-year note find support near 2.5%.
3. FOMC, ADP report, ISM manufacturing next of relevance.
Technical Level :
================
At the moment, the pair is retreating 0.02% at 97.51 and a breach of 97.44 (low Apr.30) would aim for 97.36 (21-day SMA) and finally 97.26 (low Apr.22). On the other hand, the next up barrier emerges at 98.32 (2019 high Apr.25) seconded by 99.89 (high May 11 2017) and then 100.51 (78.6% Fibo of the 2017-2018 drop).
2. Yields of the US 10-year note find support near 2.5%.
3. FOMC, ADP report, ISM manufacturing next of relevance.
Technical Level :
================
At the moment, the pair is retreating 0.02% at 97.51 and a breach of 97.44 (low Apr.30) would aim for 97.36 (21-day SMA) and finally 97.26 (low Apr.22). On the other hand, the next up barrier emerges at 98.32 (2019 high Apr.25) seconded by 99.89 (high May 11 2017) and then 100.51 (78.6% Fibo of the 2017-2018 drop).
2. Yields of the US 10-year note rebound to 2.54%.
3. US Consumer Confidence next of relevance in the docket.
US Dollar Index relevant levels:
============================
At the moment, the pair is retreating 0.06% at 97.80 and a breach of 97.66 (10-day SMA) would open the door to 97.36 (21-day SMA) and finally 97.26 (low Apr.22). On the other hand, the next up barrier emerges at 98.32 (2019 high Apr.25) seconded by 99.89 (high May 11 2017) and then 100.51 (78.6% Fibo of the 2017-2018 drop).