The DXY rose by more than 0.80% to 103.90 on Friday (Pivot Orderbook analysis)
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- The DXY rose by more than 0.80% to 103.90 on Friday
- US Nonfarm Payrolls came in higher than expected for January.
- US bond yields are sharply increasing as markets push to May the start of the easing cycle.
The pair currently trades last at 104.02.
The previous day high was 103.81 while the previous day low was 103.02. The daily 38.2% Fib levels comes at 103.32, expected to provide support. Similarly, the daily 61.8% fib level is at 103.51, expected to provide support.
The US Dollar (USD) rose to 103.90 on Friday’s Dollar Index (DXY) chart, mainly fueled by a promising labor market report that has convinced markets a March rate cut is not in the cards.
Fed Chair Powell reinforced the idea that a rate cut in March is unlikely despite ongoing market speculation. In line with that, he stated that the bank will monitor incoming data to set the timing of the easing cycle. As the US labor market remains tight, the bank might consider delaying rate cuts.
The indicators on the daily chart indicate a dominance of buying pressure, despite some contrasting signals. The Relative Strength Index (RSI) gliding on a positive slope and in positive territory suggests a build-up of buying momentum, which is further solidified by the rising green bars of the Moving Average Convergence Divergence (MACD). However, mixed signals emanate from the Simple Moving Averages (SMAs). Although the index is above both the 20-day and 200-day SMAs, signifying a bullish outlook, it remains below the 100-day SMA, indicating a bearish hindrance.
Technical Levels: Supports and Resistances
EURUSD currently trading at 104.02 at the time of writing. Pair opened at 103.07 and is trading with a change of 0.92 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 104.02 |
| 1 | Today Daily Change | 0.95 |
| 2 | Today Daily Change % | 0.92 |
| 3 | Today daily open | 103.07 |
The pair is trading above its 20 Daily moving average @ 103.04, above its 50 Daily moving average @ 102.81 , below its 100 Daily moving average @ 104.26 and above its 200 Daily moving average @ 103.54
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 103.04 |
| 1 | Daily SMA50 | 102.81 |
| 2 | Daily SMA100 | 104.26 |
| 3 | Daily SMA200 | 103.54 |
The previous day high was 103.81 while the previous day low was 103.02. The daily 38.2% Fib levels comes at 103.32, expected to provide support. Similarly, the daily 61.8% fib level is at 103.51, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 102.79, 102.51, 101.99
- Pivot resistance is noted at 103.58, 104.09, 104.37
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 103.81 |
| Previous Daily Low | 103.02 |
| Previous Weekly High | 103.82 |
| Previous Weekly Low | 102.77 |
| Previous Monthly High | 103.82 |
| Previous Monthly Low | 101.30 |
| Daily Fibonacci 38.2% | 103.32 |
| Daily Fibonacci 61.8% | 103.51 |
| Daily Pivot Point S1 | 102.79 |
| Daily Pivot Point S2 | 102.51 |
| Daily Pivot Point S3 | 101.99 |
| Daily Pivot Point R1 | 103.58 |
| Daily Pivot Point R2 | 104.09 |
| Daily Pivot Point R3 | 104.37 |
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