DXY Potential Forecast | 31st March 2023
Fundamental Backdrop
1. Core PCE Price Index at 830pm GMT+8, am anticipating a better than previous result which could potentially see further downside momentum on DXY.
2. Sentiments from the market continues to be bearish on the DXY.
3. Economic sentiments from an increase in unemployment claims and final GDP q/q printing 2.6% lower than 2.7% forecast sets the tone for bearish continuations.
Technical Confluences
1. Price is nearing the support at 101.67
2. If this support is broken, we could see further bearish momentum and a new low could potentially be formed beyond 100.802.
Idea
With a strong bearish bias for the DXY today, price could potentially tap into 101.67.
However, do take note that it is a Friday and trade safely.
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. Core PCE Price Index at 830pm GMT+8, am anticipating a better than previous result which could potentially see further downside momentum on DXY.
2. Sentiments from the market continues to be bearish on the DXY.
3. Economic sentiments from an increase in unemployment claims and final GDP q/q printing 2.6% lower than 2.7% forecast sets the tone for bearish continuations.
Technical Confluences
1. Price is nearing the support at 101.67
2. If this support is broken, we could see further bearish momentum and a new low could potentially be formed beyond 100.802.
Idea
With a strong bearish bias for the DXY today, price could potentially tap into 101.67.
However, do take note that it is a Friday and trade safely.
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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