DXY index Near Resistance – Will Powell Trigger the Next Move?

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To kick off this week, let's take a quick look at the upcoming key indexes in the economic calendar before diving into the DXY analysis(DXY).

On Tuesday, we have Fed Chair Powell speaking, which could stir some excitement in the DXY index and ripple through correlated financial markets. Then, on Thursday, we have a bunch of key indexes like Core PPI, Core Retail Sales, PPI, and Unemployment Claims coming out. These releases could spark some volatility as well.

So, before we jump into the DXY analysis, I wanted to give you a heads-up on this week’s events

From a technical analysis standpoint, the DXY index is currently moving near a Heavy Resistance zone($101.30-$99.42). At the same time, it has managed to break above the upper line of its descending channel and is now in a pullback phase to retest that broken line.

In terms of Elliott Wave theory, it seems that the DXY is completing wave B of a zigzag corrective(ABC/5-3-5).

I expect that wave B will finish around the Potential Reversal Zone(PRZ)[$98.80-$98.58], and we might see the DXY index approach that Resistance zone($100.58-$99.93) before Powell’s speech tomorrow.

First Target: $99.770

Second Target: $100.06

Stop Loss(SL): $98.28

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