US Q1 GDP Preview: Economic growth set to remain firm, albeit easing from Q4

Techs on the US Dollar Index (DXY)

Pablo Piovano, Senior Analyst at FXStreet, notes: “In case the bullish sentiment gathers steam, the USD Index (DXY) could confront the so-far 2024 top at 106.51 (April 16). Surpassing this level could encourage market participants to embark on a potential visit to the November peak at 107.11 (November 1), just ahead of the 2023 high at 107.34 (October 3).”

Pablo adds: “If we look in the opposite direction, the April bottom at 103.88 (April 9) remains underpinned by the 200-day Simple Moving Average (SMA) at 103.99, and this area is expected to offer decent contention. The breakdown of this region exposes a drop to the 100-day SMA at 103.67 prior to the March low at 102.35 (March 8).”

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