Forex

Elliott Wave Live: Powell Less Likely To Cut In March, Dollar Higher But At ResistanceFeb 5, 2024

The USD has been strengthening across the board, primarily due to Federal Reserve Chairman Powell’s press conference last Wednesday. In it, he indicated that the Fed is not yet ready to cut interest rates, stating they require more evidence to confirm that their policies are effectively reducing inflation. A key piece of evidence in this regard is employment data, which has consistently shown strength in the US labor market. This suggests that inflation may not decrease as quickly as anticipated, making rate cuts in March increasingly unlikely. Consequently, US yields rose following the release of the strong jobs data, contributing to a surge in the DXY (US Dollar Index). From an Elliott Wave perspective, the Dollar Index has reached the 104.30 resistance level, which we’ve been monitoring since the beginning of the year. This level could potentially be a significant point for a reversal.

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