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Sellers Take Hold of Steering Wheel

April 2, 2023
in Forex
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US DOLLAR TECHNICAL OUTLOOK:

The U.S. greenback, as measured by the DXY index, fell in the course of the first three months of the 12 months, with costs at present difficult a serious technical help zoneHeading into the second quarter, the chance of a breakdown has elevatedObtain our full quarterly US greenback forecast for a extra complete view of the outlook

Really helpful by Diego Colman

Get Your Free USD Forecast

Most Learn: Euro Q2 Elementary Forecast: Restoration Could Proceed however Upside Will Be Restricted

The U.S. greenback, as measured by the DXY index, was on a curler coaster trip in the course of the first three months of the 12 months. Early in February, the index fell under the 101.00 and hit its weakest mark in about 10 months, however then managed to recuperate quickly, reaching its finest stage since November 2022 in a reprieve that proved to be short-lived. The tug of struggle between bulls and bears was voracious, with the latter group finally prevailing.

Confluence Resistance Halts Bulls

The February-March rally stalled at confluence resistance, only a contact under the psychological 106.00 deal with. On this zone, the 38.2% Fibonacci retracement of the September 2022/February 2023 stoop converges with a medium-term descending trendline that has been guiding the dollar’s decline for the previous six months.

After failing to clear the 106.00 technical ceiling, the U.S. greenback index pivoted decrease as upside momentum vanished as rapidly because it appeared, permitting bears to regain decisive management of the market. With draw back stress accelerating in late March, costs have dropped to a key help across the 102.00 stage, which corresponds to the Fibonacci retracement of the January 2021/September 2022 advance.

Breakdown on the Horizon

On the time of writing, DXY continues to commerce above the 102.00 deal with, however a breakdown appears within the offing. Ought to this situation play out, sellers might launch an assault on February’s low at 100.82. Beneath that, the subsequent ground rests at 99.00, the 68.2% Fib retracement of the 2021/2022 transfer mentioned earlier than. On additional weak spot, subsequent technical helps are seen at 97.60 and 94.70.

Within the occasion of a bullish reversal, which at this level appears unlikely given the rising damaging sentiment across the dollar, costs want to beat resistance starting from 104.00 to 104.65 to ensure that the medium-term downward correction is totally over. If the 104.00/104.65 space is taken out, upside impetus might decide up tempo, paving the best way for a rally towards 106.17, adopted by 107.85.

US Greenback (DXY) Chart – Weekly Timeframe

Supply: TradingView, Ready by Diego Colman

This text focuses solely on the U.S. greenback outlook from a technical evaluation standpoint. If you need to study extra in regards to the basic forecast for the U.S. forex, click on the hyperlink under to obtain DailyFX’s full and full USD quarterly information. It is free!

Really helpful by Diego Colman

Get Your Free USD Forecast

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Tags: holdsellersSteeringWheel
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