DOLLAR_INDX, H4 7 March 2024
The Dollar Index has descended to its lowest point in a month, currently trading below 103.50 levels. The dollar faced significant downward pressure primarily due to the dovish stance communicated in Powell's testimony that began yesterday. Powell indicated an expectation that the U.S. central bank will initiate rate cuts this year. Traders are closely monitoring the upcoming Non-Farm Payrolls (NFP) report scheduled for Friday, as it may offer insights into the potential timing of the Federal Reserve's rate-cutting actions.
The dollar index traded eased from its crucial liquidity zone and plunged to its one-month high, suggesting a bearish bias for the dollar. Suggesting that bearish momentum is gaining.
Resistance level: 103.70, 104.50📉
Support level: 102.90, 102.00📈
The Dollar Index has descended to its lowest point in a month, currently trading below 103.50 levels. The dollar faced significant downward pressure primarily due to the dovish stance communicated in Powell's testimony that began yesterday. Powell indicated an expectation that the U.S. central bank will initiate rate cuts this year. Traders are closely monitoring the upcoming Non-Farm Payrolls (NFP) report scheduled for Friday, as it may offer insights into the potential timing of the Federal Reserve's rate-cutting actions.
The dollar index traded eased from its crucial liquidity zone and plunged to its one-month high, suggesting a bearish bias for the dollar. Suggesting that bearish momentum is gaining.
Resistance level: 103.70, 104.50📉
Support level: 102.90, 102.00📈