The DXY Index sees gains, trades slightly below the 100-day SMA.

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• The DXY Index sees gains, trades slightly below the 100-day SMA.
• Consumer Spending remained steady in Q4, while GDP grew at a faster rate than expected.
• Markets continue to adjust their expectations.

The US Dollar (USD) DXY index has traded at 103.55 on Thursday, representing 0.30% gains following the release of key economic activity as the case of nearer-term rate cuts by the Federal Reserve (Fed) continues to lose relevance.

The US economy yet again demonstrates resilience as shown in the strong Q4 GDP growth of 3.3%. The Federal Reserve’s aggressive hikes have succeeded in moderating inflation without causing significant economic pain. Despite indicators of slowing economic momentum, such as lower household saving rates and declining job openings, the overall robust output has boosted market confidence.

The indicators on the daily chart are reflecting a relatively neutral stance with a slight bullish bias. The Relative Strength Index (RSI) is showing a positive slope in positive territory. This typically signals upward momentum, indicating that buying pressure is currently stronger.

The Moving Average Convergence Divergence (MACD) indicator is exhibiting flat, green bars, suggesting that the previous upward momentum is pausing but that buyers are still present in the market. Typically, a flat MACD in positive territory is often seen as a consolidation phase before the next upward move.

Looking at the Simple Moving Averages (SMAs), the pair is holding above the 20-day and 200-day SMAs while staying below the 100-day SMA. This demonstrates a mixed picture, but the positioning above the major 200-day SMA emphasizes the long-term bullish bias, indicating the bulls are still holding some dominance.

Support Levels: 103.50 (200-day SMA), 103.00, 102.80, 102.60 (20-day SMA).
Resistance Levels: 103.70, 103.90, 104.00.

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