U.S. Dollar Index dynamics scenarios on October 11, 2023
October 11, 2023 2:23 pmVideo
Latest News
- USD/JPY breaks 155, markets are waiting for intervention. Review of USD/JPY April 25, 2024
- Will the dollar get stabbed in the back? April 25, 2024
- Trading Signals for EUR/USD for April 24-26, 2024: buy above 1.0670 (21 SMA – 3/8 Murray) April 24, 2024
- Technical Analysis – Alphabet stock is buoyant ahead of earnings April 24, 2024
- Analysis of the EUR/USD pair on April 24th. Waiting for US GDP for the first quarter April 24, 2024
- Analysis of the GBP/USD pair on April 24, 2024 April 24, 2024
- USD/JPY: Simple trading tips for novice traders on April 24th (US session) April 24, 2024
- GBP/USD: Simple trading tips for novice traders on April 24th (US session) April 24, 2024
- Technical Analysis – EURUSD stays beneath 1.0700 April 24, 2024
- EUR/USD: Simple trading tips for novice traders on April 24th (US session) April 24, 2024
- GBP/USD: trading plan for the US session on April 24th (analysis of morning deals). The pound retains hope April 24, 2024
- EUR/USD: trading plan for the US session on April 24th (analysis of morning deals). The euro continues to buy around 1.0688 April 24, 2024
- Forecast for the EUR/USD pair on April 24, 2024 April 24, 2024
- GBP/USD. April 24th. The pound felt strong on Tuesday April 24, 2024
- Overview for the GBP/USD pair on April 24th. Dave Ramsden expects inflation to slow down April 24, 2024
- Technical Analysis – EURCHF heads up after bearish spike April 24, 2024
- Overview for the EUR/USD pair on April 24th. The EU services sector has pushed the euro upwards April 24, 2024
- Video market update for April 24, 2024 April 24, 2024
- Will the BoJ disappoint once again? – Preview April 24, 2024
- Forex forecast 04/24/2024: EUR/USD, USD/CAD, Oil and Bitcoin from Sebastian Seliga April 24, 2024
Last Friday, the dollar index (DXY) closed the week in negative territory for the first time in 11 consecutive weeks. In the first half of this week, the decline of the DXY accelerated, and the price (CFD #USDX in the MT4 terminal) reached a low not seen since September 26—at 105.58.
Nevertheless, on the eve of important publications, market participants prefer not to conduct major trading transactions.
Under favorable circumstances for the dollar, such as the tough rhetoric of the Fed minutes tests and an acceleration in inflation indicators, the DXY index has every chance to resume its upward momentum.
In this case, the price of CFD #USDX will break through the levels of yesterday and August, close to the 106.19 mark, as well as the crucial short-term resistance level (200 EMA on the 1-hour chart) and head towards the 11-month high and the monthly high reached at the 107.32 mark.
From a technical standpoint, the DXY index (CFD #USDX) is trading in the territory of a stable bullish market, with a medium-term outlook above the key level of 103.80 (200 EMA on the daily chart) and a long-term perspective above the key support levels of 101.30 (144 EMA on the weekly chart), 100.15 (200 EMA on the weekly chart), and 100.00.
In this situation, despite the corrective decline, long positions remain preferable.
In an alternative scenario, breaking through the key support levels of 103.80 and 103.70 would return the DXY to the medium-term bearish market zone.
The first signal to start implementing this scenario and open short positions could be breaking through the local support level and today’s low at 105.58.
Furthermore, if the DXY continues to decline and breaks through the key support level at 100.00, it would create the conditions for its entry into the long-term bearish market zone.
Support levels: 105.58, 105.30, 105.00, 104.80, 104.00, 103.80, 103.70, 103.00, 102.00, 101.10, 100.15, 100.00
Resistance levels: 106.19, 107.00, 107.32, 107.80, 108.00, 109.00, 109.25
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: