💵 DOLLAR_INDX, H4 💵 18 April 2024
The Dollar Index, tracking the greenback against major currencies, saw its first decline in six days as investors engaged in profit-taking amid a shift back to a cautious "wait-and-see" stance. With Federal Reserve officials emphasising the importance of incoming economic data in shaping interest rate decisions, market focus has pivoted towards data performance for further trading cues. The Fed's Beige Book report indicating modest economic growth without significant inflationary pressures has added complexity to the monetary outlook, prompting investors to closely monitor upcoming economic releases for clarity.
The Dollar Index is trading lower while currently testing the support level. Suggesting the index might enter overbought territory.
Resistance level: 107.05, 107.85📉
Support level: 105.80, 104.75📈
The Dollar Index, tracking the greenback against major currencies, saw its first decline in six days as investors engaged in profit-taking amid a shift back to a cautious "wait-and-see" stance. With Federal Reserve officials emphasising the importance of incoming economic data in shaping interest rate decisions, market focus has pivoted towards data performance for further trading cues. The Fed's Beige Book report indicating modest economic growth without significant inflationary pressures has added complexity to the monetary outlook, prompting investors to closely monitor upcoming economic releases for clarity.
The Dollar Index is trading lower while currently testing the support level. Suggesting the index might enter overbought territory.
Resistance level: 107.05, 107.85📉
Support level: 105.80, 104.75📈