Thursday, September 21, 2023
  • Login
  • Register
btclive365.com
  • Home
  • Cryptocurrency News Today
  • Bitcoin (BTC)
  • Altcoins
  • Blockchain
  • Crypto Mining
  • CryptoCurrency Predictions
  • Defi
  • Dogecoins
  • Earn Crypto
  • Ethereum (ETH)
  • Forex Trading
  • ICO
  • Litecoin ( LTC )
  • NFT
  • Ripple
  • Trend cryptocurrency
No Result
View All Result
  • Home
  • Cryptocurrency News Today
  • Bitcoin (BTC)
  • Altcoins
  • Blockchain
  • Crypto Mining
  • CryptoCurrency Predictions
  • Defi
  • Dogecoins
  • Earn Crypto
  • Ethereum (ETH)
  • Forex Trading
  • ICO
  • Litecoin ( LTC )
  • NFT
  • Ripple
  • Trend cryptocurrency
No Result
View All Result
btclive365.com
No Result
View All Result
Home Forex Trading

DXY Prepares for U.S. CPI, 110 Support Handle in Focus

btclive365 by btclive365
November 10, 2022
in Forex Trading
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


U.S. DOLLAR ANALYSIS & TALKING POINTS

  • U.S. midterm elections not reflecting as expected in financial markets.
  • U.S. inflation data to dictate short-term directional bias.
  • Bull flag evolving.

Trade Smarter – Sign up for the DailyFX Newsletter

Receive timely and compelling market commentary from the DailyFX team

Subscribe to Newsletter

USD FUNDAMENTAL BACKDROP

The Dollar Index (DXY) has been relatively subdued thus far this week as markets prepare for U.S. inflation later today. While the ongoing midterm elections were thought to provide a ‘red’ sweep by Republicans, this has not been the case up until now however, the House looks likely to be controlled by the Republicans which may limit President Joe Bidens and the Democrats future proposals. The expected dominance by Republicans had the dollar trading marginally softer leading up to the elections but the key metric for markets this week is the CPI print (see economic calendar below).

USD Forecast

USD Forecast

Recommended by Warren Venketas

Get Your Free USD Forecast

Get My Guide

ECONOMIC CALENDAR

image1.png

Source: DailyFX economic calendar

Both headline and core inflation which excludes food and energy (the Fed’s preferred measure) are projected lower yet still elevated should the actual figure match estimates. Anything higher than 8% and 6.5% respectively could end the recent USD downtrend, maintaining hawkish bets for the Fed.

Peak rates for the Fed in 2023 has come down since last week’s FOMC meet, closer to the 5% level from 5.1%.

FEDERAL RESERVE INTEREST RATE PROBABILITIES

image2.png

Source: Refinitiv

After U.S. CPI, the calendar is riddled with a slew of Fed speakers who will likely react in accordance with the inflation read.

TECHNICAL ANALYSIS

U.S. DOLLAR INDEX DAILY CHART

image3.png

Chart prepared by Warren Venketas, IG

Daily DXY price action suggests a brewing bullish breakout via the developing bull flag chart pattern (black). The psychological 110.00 support level will be key for both a daily candle close and weekly. The Relative Strength Index (RSI) remains skewed to the downside, but considering the weak eurozone outlook (DXY comprised of 57.6% euro weighting), the dollar should remain elevated especially after the recent correction.

Resistance levels:

  • 115.00
  • 113.15

Support levels:

  • 110.00
  • Flag support

Introduction to Technical Analysis

Technical Analysis Chart Patterns

Recommended by Warren Venketas

Start Course

Contact and followWarrenon Twitter:@WVenketas





Source link

Previous Post

Is blockchain the only way to revolutionize the supply chain?

Next Post

Building Together: Execution-Layer Client Ecosystem Fundraise

btclive365

btclive365

Next Post

Building Together: Execution-Layer Client Ecosystem Fundraise

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 23.8k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest

Amazon Announces Another Mass Layoff Affecting 9,000 Personnel

March 21, 2023

what does forex market open times?

April 14, 2023

How to sell Bitcoin – Bitcoin Magazine

November 9, 2022

Add a Tangible Asset to Your Portfolio: Buy Gold

January 7, 2023

Bitcoin price hits 2-week lows as FTX ‘bank run’ drains BTC reserves

1

Building Homesteader Lifestyle With Bitcoin – Bitcoin Magazine

1

Arbitrum dealings activity rockets 550% since August: Delphi Digital

0

Bitcoin․com Doubles Down on Self-Custody With Launch of Verse DEX – Press release Bitcoin News

0

Linear Finance’s LUSD Stablecoin Under Potential Exploit Attack

September 21, 2023

GBP/USD struggles as BoE’s hold rates, rate differential benefits USD

September 21, 2023

Chainlink Whale Makes Big Outflow, LINK To Add To 11% Gains?

September 21, 2023

USD/JPY declines below 148.00 despite US strength, BoJ decision eyed

September 21, 2023

Recent News

Linear Finance’s LUSD Stablecoin Under Potential Exploit Attack

September 21, 2023

GBP/USD struggles as BoE’s hold rates, rate differential benefits USD

September 21, 2023

Chainlink Whale Makes Big Outflow, LINK To Add To 11% Gains?

September 21, 2023

USD/JPY declines below 148.00 despite US strength, BoJ decision eyed

September 21, 2023

We deliver up-to-date, breaking crypto news about the latest Bitcoin, Ethereum, Blockchain, NFTs, and Altcoin trends and happenings

Follow Us

Browse by Category

  • Altcoins
  • Bitcoin (BTC)
  • Blockchain
  • Crypto Mining
  • Cryptocurrency News Today
  • CryptoCurrency Predictions
  • Defi
  • Dogecoins
  • Earn Crypto
  • Ethereum (ETH)
  • Forex Trading
  • ICO
  • Litecoin ( LTC )
  • NFT
  • Ripple
  • Trend cryptocurrency

Recent News

Linear Finance’s LUSD Stablecoin Under Potential Exploit Attack

September 21, 2023

GBP/USD struggles as BoE’s hold rates, rate differential benefits USD

September 21, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2022 btclive365 All Right Rivered .

No Result
View All Result
  • Home
  • Cryptocurrency News Today
  • Bitcoin (BTC)
  • Altcoins
  • Blockchain
  • Crypto Mining
  • CryptoCurrency Predictions
  • Defi
  • Dogecoins
  • Earn Crypto
  • Ethereum (ETH)
  • Forex Trading
  • ICO
  • Litecoin ( LTC )
  • NFT
  • Ripple
  • Trend cryptocurrency

© 2022 btclive365 All Right Rivered .

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In