Created
: 2024.10.31
2024.10.31 03:26
The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, lost ground on Wednesday following the release of mixed economic data. September's ADP Employment Change report exceeded market expectations in October, but a downward revision in third-quarter GDP growth made the USD tumble.
However, investors remain cautious ahead of Friday's Nonfarm Payrolls (NFP) report, which may paint a different picture of the labor market.
The DXY index is consolidating and may be poised to revisit the 200-day SMA at 103.50. The Relative Strength Index (RSI) is declining but remains near overbought territory, while the Moving Average Convergence Divergence (MACD) is printing smaller green bars.
Key support levels are 104.50, 104.30 and 104.00, while resistance is found at 104.70, 104.90 and 105.00.
Created
: 2024.10.31
Last updated
: 2024.10.31
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