DXY Potential Forecast | 10th March 2023
Fundamental Backdrop
1. NFP due today at 930pm GMT +8.
2. NFP print and average earnings will be key to the direction of the USD.
3. Fed Powell's speech that "Fed is prepared to speed up rate rises if warranted by data releases", resulted in strong bullish pressure on DXY and USD across markets.
4. A few US data releases has coincided nicely with Powell's speech.
5. ADP Non-Farm Employment Change came out at 242000 jobs compared to a forecasted 197000 and 119000 previous.
Technical Confluences
1. Price is still in a retracement.
2. All eyes on NFP tonight at 930pm GMT +8.
3. Anticipating for price to head higher to clear further levels above.
Idea
I will be looking for price to continue its bullish momentum in the market.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. NFP due today at 930pm GMT +8.
2. NFP print and average earnings will be key to the direction of the USD.
3. Fed Powell's speech that "Fed is prepared to speed up rate rises if warranted by data releases", resulted in strong bullish pressure on DXY and USD across markets.
4. A few US data releases has coincided nicely with Powell's speech.
5. ADP Non-Farm Employment Change came out at 242000 jobs compared to a forecasted 197000 and 119000 previous.
Technical Confluences
1. Price is still in a retracement.
2. All eyes on NFP tonight at 930pm GMT +8.
3. Anticipating for price to head higher to clear further levels above.
Idea
I will be looking for price to continue its bullish momentum in the market.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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