Macroeconomic Outlook
Tomorrow is the ECB rate decision, which will have a significant impact on the DXY (Dollar Index).
We'll then follow the US unemployment claims data.
In the next week, we will follow the US growth and Fed rate statement.
If the economic data starts to look bad on the US side, we may see a sharp downward pullback on the DXY-Dollar side.
Recession risk will play an important role in the attitude of central banks.
The war and energy crisis in Europe delayed interest rate hikes.
According to Technical Analysis
When we look at the price chart in the Monthly Term
$110 levels are a very important resistance for the dollar index.
The $110 level coincides with the 0.786 fibonachi level of the previous drop.
According to the Elliot Wave model, the 5-wave rise ends at these levels.
I think the dollar index will fall from $110 to $100.
Tomorrow is the ECB rate decision, which will have a significant impact on the DXY (Dollar Index).
We'll then follow the US unemployment claims data.
In the next week, we will follow the US growth and Fed rate statement.
If the economic data starts to look bad on the US side, we may see a sharp downward pullback on the DXY-Dollar side.
Recession risk will play an important role in the attitude of central banks.
The war and energy crisis in Europe delayed interest rate hikes.
According to Technical Analysis
When we look at the price chart in the Monthly Term
$110 levels are a very important resistance for the dollar index.
The $110 level coincides with the 0.786 fibonachi level of the previous drop.
According to the Elliot Wave model, the 5-wave rise ends at these levels.
I think the dollar index will fall from $110 to $100.
