{"id":42268,"date":"2023-02-22T06:50:00","date_gmt":"2023-02-22T06:50:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=42268"},"modified":"2023-02-23T17:32:39","modified_gmt":"2023-02-23T17:32:39","slug":"dxy-technical-analysis-awaiting-the-fomc","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/dxy-technical-analysis-awaiting-the-fomc\/","title":{"rendered":"DXY Technical Analysis &#8211; Awaiting the FOMC"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"42268\" class=\"elementor elementor-42268\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c4946c8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c4946c8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-20b180c\" data-id=\"20b180c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e7fcaa0 elementor-widget elementor-widget-text-editor\" data-id=\"e7fcaa0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The <a href=\"https:\/\/bit.ly\/3hwxqIo\" target=\"_blank\" rel=\"noopener\">US dollar index<\/a> has started to rise again due to hawkish rhetoric towards rates and an expectation that the Federal Reserve is going back into a more aggressive rate hike mode.<\/p><p>Basically, the FOMC is data-dependent, thus, the meeting minutes are not expected to reflect the &#8220;January surge.&#8221; However, the Fed will likely have to turn much more hawkish going forward.<\/p><p>If we see the FOMC being very hawkish today the probability of a very deep drawdown in the <a href=\"https:\/\/bit.ly\/3WpA7u0\" target=\"_blank\" rel=\"noopener\">S&amp;P500<\/a> is now much higher. The FOMC is still likely to be encouraged by the positive inflation data from December 2022, which would fit in the narrative of disinflation.<\/p><p>The FOMC will also acknowledge the weakening labour market in November and December, as the number of temporary workers decreased, and the number of average hours worked decreased &#8211; both being the leading indicators.<\/p><p>Really, we need to see the reaction of the market to today\u2019s FOMC minutes. It is likely that a big move in the buck could take place if expectations of a 50-basis point hike are cemented.<\/p><p>This is also confirmed by sentiment analysis, as it shows a huge majority of traders are very long the US dollar index, which likely means the need to be cautious right now.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-57e8a10 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"57e8a10\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-50a645a\" data-id=\"50a645a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9fca773 elementor-widget elementor-widget-image\" data-id=\"9fca773\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3hwxqIo\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"440\" height=\"168\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2023\/02\/usdind-chart-2.jpg\" class=\"attachment-large size-large wp-image-42291\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-180150f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"180150f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a9ff0b4\" data-id=\"a9ff0b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-09485f7 elementor-widget elementor-widget-text-editor\" data-id=\"09485f7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>According to the ActivTrader Market Sentiment tool some 92% of traders are bullish towards the US dollar index, which certainly hints that bulls could be in for some pain this week.<\/p><p>Overall, with retail traders still positive we are probably going to see the US dollar index heading lower. Although the pace of this week\u2019s decline is pretty significant already.<\/p><p><strong>US dollar index Short-Term Technical Analysis<\/strong><\/p><p>Technical analysis on the four-hour time frame shows that the US dollar index has broken above its short-term rage. The price is likely to see an immediate upwards price surge towards the 105.00 area.<\/p><p>I would be inclined to look for a short-term move towards the 106.00 level based upon the overall size of the mentioned range break between the 104.00 to 102.00 levels.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5bd894c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5bd894c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-22f12d4\" data-id=\"22f12d4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b58d9cf elementor-widget elementor-widget-image\" data-id=\"b58d9cf\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3hwxqIo\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"550\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2023\/02\/usdind-4h-1.jpg\" class=\"attachment-large size-large wp-image-42296\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3dc69417 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3dc69417\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-624913f8\" data-id=\"624913f8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c313c37 elementor-widget elementor-widget-text-editor\" data-id=\"c313c37\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3hwxqIo\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7a7bad7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7a7bad7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a9be1b3\" data-id=\"a9be1b3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bb590ed elementor-widget elementor-widget-text-editor\" data-id=\"bb590ed\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>US dollar index Medium-Term Technical Analysis<\/strong><\/p><p>The daily time frame is showing that US dollar has broken above its 50-day moving average, so far a death-cross is still underway, but not yet is it in full swing.<\/p><p>For now, in order for the downtrend in the US dollar index to really stick technically, we probably need to see the 106.00 area defended.<\/p><p>A bearish head and shoulders pattern is also still seen with the pattern potential carving out a final right hand should upto the 106.00 to 108.00 area.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-54fad77 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"54fad77\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-914fd1a\" data-id=\"914fd1a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-52c3af2 elementor-widget elementor-widget-image\" data-id=\"52c3af2\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3hwxqIo\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"553\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2023\/02\/usdind-1d-1.jpg\" class=\"attachment-large size-large wp-image-42297\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-51164b94 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"51164b94\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-71c79e6d\" data-id=\"71c79e6d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d074171 elementor-widget elementor-widget-text-editor\" data-id=\"d074171\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3hwxqIo\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The US dollar index has started to rise again due to hawkish rhetoric towards rates and an expectation that the Federal Reserve is going back into a more aggressive rate hike mode. Basically, the FOMC is data-dependent, thus, the meeting minutes are not expected to reflect the &#8220;January surge.&#8221; However, the Fed will likely have [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":14083,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[42,69,40,279],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DXY Technical Analysis - Awaiting the FOMC - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/dxy-technical-analysis-awaiting-the-fomc\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DXY Technical Analysis - Awaiting the FOMC DXY Technical Analysis - Awaiting the FOMC\" \/>\n<meta property=\"og:description\" content=\"The US dollar index has started to rise again due to hawkish rhetoric towards rates and an expectation that the Federal Reserve are going back into a more aggressive rate hike mode.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/dxy-technical-analysis-awaiting-the-fomc\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-22T06:50:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-23T17:32:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/08\/GettyImages-a0035-000020.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"478\" \/>\n\t<meta property=\"og:image:height\" content=\"318\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"DXY Technical Analysis - Awaiting the FOMC DXY Technical Analysis - Awaiting the FOMC\" \/>\n<meta name=\"twitter:description\" content=\"The US dollar index has started to rise again due to hawkish rhetoric towards rates and an expectation that the Federal Reserve are going back into a more aggressive rate hike mode.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/dxy-technical-analysis-awaiting-the-fomc\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/dxy-technical-analysis-awaiting-the-fomc\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"DXY Technical Analysis &#8211; 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