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Focus on USDX today – 9th AUG 2024 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USDX for AUG 9 2024. 

Key Takeaways 

  • 50 basis point is in doubt: The number of initial jobless claims in the United States for the week ending August 3 was 233000, lower than the expected 240000, marking the largest decline in nearly a year, easing market concerns about a recession in the United States. The market has reduced its expectation of a 50 basis point interest rate cut by the Federal Reserve in September. 
  • Interest rate cuts remain debatable: Federal Reserve officials are increasingly shifting their focus to the labor market, as inflation is now approaching the target of 2%. However, with the labor market still robust, some Federal Reserve officials have expressed hesitation in supporting interest rate cuts at this time. 

Technical Analysis 

Daily Chart Insights 

  • MACD: The indicator once again sends a bearish signal below the 0 axis, indicating that the US dollar index is in a downward trend. The current energy column is beginning to level off with signs of contraction, indicating that there is room for short-term rebound adjustment in the exchange rate. 
  • Resistance price: The US dollar index has rebounded and rose, and the small entity candlestick chart for three consecutive days suggests an uncertain trend. There is more resistance above, so it’s important to monitor price movements near the fair value gap and the 61.8% Fibonacci retracement level. This could present a potential short-selling opportunity. 

H1 Chart Insights 

  • MACD: The indicator is consolidating above the zero axis, and the energy column has not reached a new high, but the exchange rate has deviated from the trend and broken through the previous high. After waiting for the indicator to send a bearish signal, investors can pay attention to whether there is a short selling opportunity. 
  • Resistance and support: The green 200MA has become a key resistance level for the US dollar index, with the maximum rebound height looking towards the early market structure transition level of 103.604. The support below focuses on the vicinity of the red 33MA and black 65MA, and the short-term MAs during the Asian session are flat, observing the price behavior at that time. 

Pivot Indicator 

  • According to the trading central in Ultima Markets APP, the central price of the day is established at 103.45, 
  • Bullish Scenario: Bullish sentiment prevails above 103.45, first target 103.60, second target 103.76; 
  • Bearish Outlook: In a bearish scenario below 103.45, first target 103.05, second target 102.92. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

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Legal Documents 

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. 

Copyright © 2024 Ultima Markets Ltd. All rights reserved. 

Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

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