The US Dollar Index (DXY) got fired up by Fed’s Waller overnight after the official pushed back against June rate cut expectations and obliterated any hopes for cuts from the US Federal Reserve before the summer. US Dollar bulls chased the DXY higher on the back of it, which results in a fresh high for March and the February highs are coming into reach now. Should the Personal Consumption Expenditures (PCE) Price Index bear a red hot inflation label again, expect for the DXY to quickly reach 105.00 and higher.
That first pivotal level for the DXY at 104.60 has been broken, where last week’s rally peaked. Further up, 104.96 remains the level to beat in order to tackle 105.00. Once above there, 105.12 is the last resistance point for now before the Relative Strength Index (RSI) will trade in overbought levels.
Support from the 200-day Simple Moving Average (SMA) at 103.75, the 100-day SMA at 103.48, and the 55-day SMA at 103.72 are unable to show their importance as support because traders didn’t wait for a drop to those levels for a turnaround. The 103.00 big figure looks to remain unchallenged for longer, after the decline in the wake of the Fed meeting last week got turned around way before reaching it.
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