How To Make Money Today: Daily Market Analysis and Forex Trading Signals 7 April 2022

To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first, and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…

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DXY:

On the H1 timeframe, prices have approached  pivot. We see the potential for a dip from our 1st resistance at 99.777 in line with which is an area of Fibonacci confluences towards our 1st support at 99.281 in line with 23.6% Fibonacci retracement. RSI is showing bearish momentum, further supporting our bearish bias.

Areas of consideration:

  • H4 time frame, 1st resistance at 99.777 
  • H4 time frame, 1st support at 99.281
dxy analysis

Shortly after the hawkish FOMC minutes, the US Dollar Index is expected to reach 100 – ING.

The Fed would have started its tightening cycle with a 50bp boost if it hadn’t been for the situation in Ukraine, according to FOMC minutes from March. The fact that the Fed aims to get to a neutral position ‘as soon as possible,’ and that further tighter policy may be needed, according to ING analysts, should keep the dollar bought.

Expeditious Fed to keep dollar supported

“Without the crisis in Ukraine, it seems apparent that the Fed would have chosen to start the cycle with a 50bp raise.” Quantitative tightening also received some clarification. After the May meeting, it seems that the Fed will begin decreasing its balance sheet at a pace of $95 billion per month. All signs point to the Fed slamming on the brakes, which should be good for the currency.”

“Few central banks will be able to match the Fed’s rate of tightening this year, and the dollar should remain strong – particularly versus low-yielding currencies like the Japanese yen and the euro.”

“We believe the dollar can catch up to some of the recent gain in short-term US rates, and we expect the US dollar index to reach 100 in the near future.”

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