Dollar index in anticipation of the GDP report
Yesterday’s retreat of the dollar stopped at the 101.00 level.
Dollar index chart analysis
Yesterday’s retreat of the dollar stopped at the 101.00 level. After which, we start with the recovery and climb up to the 101.50 level. During the Asian trading session, we moved in the range of 101.30-101.40. We are now attempting to reach 101.50 and make a potential break above. If we succeed in this, the dollar will form a new daily high, and the potential targets are the 101.60 and 101.80 levels.
We need a negative consolidation and a dollar pullback to the 101.30 support level for a bearish scenario. If we were to break below, we would be on our way to the 101.00 support level again. In the US session, we expect very important news about the US GDP for the first quarter.
The forecast is 2.0% compared to the March report, which was 2.6%. Another important news is the Pending Home Sales Report, also an important indicator of the movement of the US paying power, creditworthiness, etc.
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