DOLLAR Index 1H - 4/4/23 Analysis
Interesting level here, price finally got a break below 102, Job reports were lacking by close to a million jobs and factory orders are down to -0.7% when -0.4% was expected.
On a macro sense, there appears to be a large amount of indecision in the market and it is reflected in the price movements. Fundamental news vastly supports the level of indecision that is present.
Looking at the 1H, I'm curious to see if price will show magnetism towards this level considering its a long-term major reversal area. Magnetism supports longer consolidation period or zone and could again be reflected in the news. I think Market Sentiment is key now when preparing trades for the Dollar simply because they is so much happening in the news. There has been some latency in the market, this could be a period where volatility and momentum could pick up as we move throughout the year.
Near-term, I'm expecting price to seek down 101.100 before stagnating and determining where to go from there.
On a macro sense, there appears to be a large amount of indecision in the market and it is reflected in the price movements. Fundamental news vastly supports the level of indecision that is present.
Looking at the 1H, I'm curious to see if price will show magnetism towards this level considering its a long-term major reversal area. Magnetism supports longer consolidation period or zone and could again be reflected in the news. I think Market Sentiment is key now when preparing trades for the Dollar simply because they is so much happening in the news. There has been some latency in the market, this could be a period where volatility and momentum could pick up as we move throughout the year.
Near-term, I'm expecting price to seek down 101.100 before stagnating and determining where to go from there.
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