FxWirePro: DXY Intraday trade idea

Short term trend – Bearish

Intraday trend –Bullish

Ichimoku Analysis (4-Hour chart)

Tenken-Sen- 91.85

Kijun-Sen- 91.764

US Dollar index has shown recovery from the previous week's low of 91.51. The slightly better than expected PCE inflation is supporting the US dollar at lower levels.  Markets await US Nonfarm payroll data which is to be released this Friday for further direction. The dollar started to outperform against all majors after Fed monetary policy. The Dot-plot shows that policymakers willing to hike two-quarter percentage points by the end of 2023. 

The near-term resistance is around 92.45, any convincing close above confirms minor bullishness.  A jump to 93/93.60 is possible.

On the lower side, immediate support stands at 91.50, any indicative break below will take the index to 91/90.63/90.

Ichimoku analysis- DXY is trading slightly above 4-hour Tenken-Sen, Kijun –Sen, and cloud.

Indicator (4 Hour chart)

CAM indicator – Bullish

Directional movement index –Bullish

It is good to buy on dips around 91.90-95 with SL around 91.50 for a TP of 93.