DXY Outlook (30 August 2022)
The DXY has been trading higher within the upward channel since it found support at the 104.60 support level.
On Friday, the DXY found support at the 108.17 level which coincided with the 23.6% fib level. The DXY climbed to reach the 109.50 resistance level following hawkish comments from Fed Chair Powell's speech during the Jackson Hole symposium.
Chair Powell indicated that more interest rate hikes are coming and that the Federal Reserve could keep lifting rates sharply for some time.
As the DXY retraces from the resistance level, look for the price to test 108.17 again and the bottom of the channel before rebounding to the upside.
Above 109.50, the next key resistance level is 110.52 which is also the 27.2 fib expansion level.
On Friday, the DXY found support at the 108.17 level which coincided with the 23.6% fib level. The DXY climbed to reach the 109.50 resistance level following hawkish comments from Fed Chair Powell's speech during the Jackson Hole symposium.
Chair Powell indicated that more interest rate hikes are coming and that the Federal Reserve could keep lifting rates sharply for some time.
As the DXY retraces from the resistance level, look for the price to test 108.17 again and the bottom of the channel before rebounding to the upside.
Above 109.50, the next key resistance level is 110.52 which is also the 27.2 fib expansion level.
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