The US dollar has been strengthening.
The US dollar strengthened in morning trading today, receiving support from concerns about inflation being able to be reduced and from the announcement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) that they will reduce oil production.
OPEC+ announced on Sunday, April 2nd, that they will reduce oil production by about 1.16 million barrels per day beginning in May and continuing until the end of this year. This new announcement shows that OPEC+ intends to reduce production by a total of approximately 3.66 million barrels per day or about 3.7% of the global oil supply. This has resulted in the US dollar strengthening in the morning trading sessions.
The US dollar has strengthened to a level of 133.45 yen (as of 04:22 PM). Meanwhile, the US dollar index has risen to 102.592 with the index attempting to rise above the 103 level for the first time in a week after experiencing a slight decrease.
Investors in the futures market predict a 37.4% chance that the Fed will keep the interest rate at 4.75-5.00% during their meeting on May 2-3 and a 62.6% chance that they will raise the rate by 0.25% to 5.00-5.25% during the same meeting. However, investors anticipate that the Fed may lower the interest rate by around 0.40% before the end of the year.
On the Commerce Department's report last Friday, consumer spending which accounts for more than two-thirds of economic activity in the US increased by 0.2% in February after surging by 2.0% in January.
The personal consumption expenditures (PCE) price index, which is the Fed's preferred inflation measure, rose by 0.3% in February on a monthly basis (MoM), after increasing by 0.6% in January. The figure was lower than the expected +0.4% in the Reuters poll for February. Meanwhile, the PCE price index YoY increased by 5.0% in February, after surging by 5.3% in January. The core PCE price index, which excludes food and energy prices, rose by 4.6% YoY in February, after jumping by 4.7% in January.
Technical analysis data (5H)
Resistance: 133.70, 133.93, 134.37
Support: 133.03, 132.59, 132.36
Source: Investing.comPivot Points April 3, 2023 04:22 PM GMT+7
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 132.36 | 132.59 | 133.03 | 133.26 | 133.70 | 133.93 | 134.37 |
| Fibonacci | 132.59 | 132.85 | 133.00 | 133.26 | 133.52 | 133.67 | 133.93 |
| Camarilla | 133.28 | 133.34 | 133.40 | 133.26 | 133.53 | 133.59 | 133.65 |
| Woodie's | 132.46 | 132.64 | 133.13 | 133.31 | 133.80 | 133.98 | 134.47 |
| DeMark's | - | - | 133.15 | 133.32 | 133.82 | - | - |
Buy/Long 1: If there is a touch of support in the price range of 132.59 - 133.03, but cannot break the support at 133.03, it may set a TP at around 133.93 and SL at around 132.36 or according to the acceptable risk.
Buy/Long 2: If it is possible to break the resistance in the price range of 133.70 - 133.93, it may set a TP at around 134.37 and SL at around 132.59 or according to the acceptable risk.
Sell/Short 1: If there is a touch of resistance in the price range of 133.70 - 133.93, but cannot break the resistance at 133.70, it may set a TP at around 132.59 and SL at around 134.37 or according to the acceptable risk.
Sell/Short 2: If it is possible to break the support in the price range of 132.59 - 133.03, it may set a TP at around 132.36 and SL at around 133.93 or according to the acceptable risk.
Technical Indicators April 3, 2023 00:34 PM GMT+7
| Name | Value | Action |
| RSI(14) | 65.628 | Buy |
| STOCH(9,6) | 62.633 | Buy |
| STOCHRSI(14) | 100.000 | Overbought |
| MACD(12,26) | 0.450 | Buy |
| ADX(14) | 56.398 | Buy |
| Williams %R | -15.686 | Overbought |
| CCI(14) | 173.3453 | Buy |
| ATR(14) | 0.5679 | Less Volatility |
| Highs/Lows(14) | 0.3236 | Buy |
| Ultimate Oscillator | 59.538 | Buy |
| ROC | 0.770 | Buy |
| Bull/Bear Power(13) | 1.3120 | Buy |
|
Buy:9 Sell:0 Neutral:0 Summary:Strong Buy |
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