💵 DOLLAR_INDX, H4 💵 29 March 2024
The Dollar Index received a boost, surging past its previous resistance level at 104.45, driven by a series of positive economic indicators released yesterday. The U.S. GDP growth rate exceeded market forecasts, registering at 3.4%, while Initial Jobless Claims dropped, suggesting a robust job market. This upbeat economic data has led market participants to temper their expectations for a Federal Reserve interest rate cut in 2024, underpinning the dollar's strengthened position.
The Dollar Index has broken above the level at 104.45, suggesting a bullish bias signal for the index.
Resistance level: 104.95, 105.40📉
Support level:104.00, 103.65📈
The Dollar Index received a boost, surging past its previous resistance level at 104.45, driven by a series of positive economic indicators released yesterday. The U.S. GDP growth rate exceeded market forecasts, registering at 3.4%, while Initial Jobless Claims dropped, suggesting a robust job market. This upbeat economic data has led market participants to temper their expectations for a Federal Reserve interest rate cut in 2024, underpinning the dollar's strengthened position.
The Dollar Index has broken above the level at 104.45, suggesting a bullish bias signal for the index.
Resistance level: 104.95, 105.40📉
Support level:104.00, 103.65📈