News – UK – USD Index: 9150 next target as bond yields gain support ahead of Powell’s speech

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The US Dollar Index (DXY) trades 023% higher the day after the dollar locked in place on Thursday before Fed Chairman Jerome Powell Powell takes the stage at an online event by Wall Street Journal, expected to answer questions about the state of the US economy

Investors would look to Powell for signs of concern over the recent US Treasury sell-off and other signs of Fed sentiment towards the US economy The surge in US Treasuries Thursday added some demand to the US dollar and undermined low-income (CHF, JPY) and non-profitable assets (gold, silver)

The USD index breached the 90965 resistance, after opening with a small upward gap on the day. This candle needs to close above the resistance with a 3% upward penetration to confirm the breakout that is paving the way for a march towards 91 sets free50 At 91 there is a pit stop26 (highs from 7 December 2020 and 2 February 2021) These levels must be cleared for 91906 to come into the picture Further ascent above 91906 changes the direction of the short-term trend

Conversely, a rejection at 9126 or 9150 could allow potential rally sales targeting 90503 and 90228 as initial downside targets, the latter cutting the bottom of the ascending channel Additional downside targets at 8974 and 89198 require a breakdown of the channel boundary

Eno is a certified financial technician and a member of the UK Society of Technical Analysts. He loves trading and writing about stocks, forex and CFDs. Since 2009, he has consulted several financial firms as a trader and strategy developer. His work can be seen on several forex blogs and trading websites

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News – UK – USD Index: 9150 is next target as bond yields gain support ahead of Powell’s speech
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