DXY Forecast before Fed Chair Powell Testifies | 7th March 2023
Fundamental Backdrop
1. Fed Chair Powell will be speaking later on at 11pm SGT, which could cause more volatility in the index.
2. Will update more after his speech.
Technical Confluences
1. Price has reversed from a bullish to a bearish trend .
2. Price is also below the Ichimoku cloud, indicating a bearish market.
3. Near term support level at 103.750
4. Near term resistance level at 104.600
Idea
If Fed Chair Powell's comments are hawkish, expect the DXY to trade back up to retest the resistance level at 104.600.
Alternatively, price could head back down to retest the support level at 103.750.
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. Fed Chair Powell will be speaking later on at 11pm SGT, which could cause more volatility in the index.
2. Will update more after his speech.
Technical Confluences
1. Price has reversed from a bullish to a bearish trend .
2. Price is also below the Ichimoku cloud, indicating a bearish market.
3. Near term support level at 103.750
4. Near term resistance level at 104.600
Idea
If Fed Chair Powell's comments are hawkish, expect the DXY to trade back up to retest the resistance level at 104.600.
Alternatively, price could head back down to retest the support level at 103.750.
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.