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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USDX for 6th October 2023.
The above factors collectively raise questions about the possibility of interest rate adjustments in the near future. The final decision hinges on the impending release of US non-farm employment data, due tonight. This data will be pivotal in shaping the USDX’s trajectory.
(Daily chart of USDX, source: Ultima Markets MT4)
Although it has increased the probability of a bear trend, it still needs to wait for the U.S. dollar index to effectively fall below the lowest price. The price may be relatively limited. The first target is near the blue 17-day moving average.
(1-hour chart of USDX, source: Ultima Markets MT4)
On the 1-hour chart, the market fell below the support level around 106.23, and the ATR combination indicator hinted at the effectiveness of the breakdown. Waiting for the price to retreat and see if there is any chance of further downward movement.
(Pivot Indicators for USDX, source: Ultima Markets MT4)
According to the pivot indicator in Ultima Markets MT4, the central price of the day is 106.200.
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