DXY Weekly Forecast | 17th April 2023
Fundamental Backdrop
1. The Empire State Manufacturing Index which is a leading indicator of economic health, is expecting to improve significantly from -24.6 to -17.7, we could see the DXY rise back up toward the 102 resistance level.
2. With the Unemployment Claims expecting to have almost no change, which could see the overall economic health stabalizing.
3. Other important news events at the end of the week such as the Flash Manufacturing PMI & Flash Services PMI, are both expected to drop which could cause significant volatility in the markets.
4. However on Friday, the FOMC raised its target range for the federal funds rate to 4.75 to 5 percent, which caused the DXY to rise back up towards the 101.600 level.
5. The DXY is expected to fluctuate between the 101 and 103 level this week.
Technical Confluences
1. Near-term resistance at 102
2. Next resistance at 103
Idea
Due to the FOMC bullish news last Friday, we could see the DXY head towards the 102 resistance level. If price manages to break above 102.200, we could see price head towards the next key 103 resistance.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. The Empire State Manufacturing Index which is a leading indicator of economic health, is expecting to improve significantly from -24.6 to -17.7, we could see the DXY rise back up toward the 102 resistance level.
2. With the Unemployment Claims expecting to have almost no change, which could see the overall economic health stabalizing.
3. Other important news events at the end of the week such as the Flash Manufacturing PMI & Flash Services PMI, are both expected to drop which could cause significant volatility in the markets.
4. However on Friday, the FOMC raised its target range for the federal funds rate to 4.75 to 5 percent, which caused the DXY to rise back up towards the 101.600 level.
5. The DXY is expected to fluctuate between the 101 and 103 level this week.
Technical Confluences
1. Near-term resistance at 102
2. Next resistance at 103
Idea
Due to the FOMC bullish news last Friday, we could see the DXY head towards the 102 resistance level. If price manages to break above 102.200, we could see price head towards the next key 103 resistance.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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