Analysis: The Dollar Index (DXY)
*US Dollar seems to be taking corrections from projected resistance levels*
• The US Dollar is witnessing minor weakness in the Asian session on Thursday, after testing the immediate resistance at 102.43 (fib level 0.236).
• The index is trending lower in the selling zone and moving towards immediate support at 102.08.
• US Dollar steady with Red Sea tensions still making headlines.
• A boosting Consumer Confidence strengthened the dollar index a little.
• However, the market seems to be modestly correcting again as markets enter holiday mode.
*Current Situation:*
On Thursday, the US dollar traveled with modest losses from the previous day’s close. near 102.25. These are the same level that we mentioned in Wednesday’s report.
*Technical Analysis*
• The index gave a bearish breakout below the small pennant pattern.
• However, it found support near 102.15 – the levels suggested in yesterday’s report.
• Prices might further fall if it successfully sustains below the 102.15 level. However, if it fails to give a lower breakout, then bullish strength in the index might be witnessed and prices might rise higher.
• The prices are uncertain and expected to trend sideways from the current level with immediate support at 102.15.
*Technical Indicators:*
• DXY has started to hover in the selling zone as per technical indicator:
• Prices fall below the middle band of the Bollinger band indicator, and
• CCI indicator also drags below the 0.0 mark at -46.48.
• The indicators suggest minor bearishness in DXY.
*Important Levels to Watch:*
• Support: The index might witness an initial hurdle at 102.08 (the week’s crucial support level) towards its falling trend. Below this level, DXY might test 101.89 at fib level 0.0
• Resistance: It would be intraday highs of 102. 43 (fib level 0.236) and if the dollar index gives a breakout above, then the door to higher levels towards 103.00 gets unlocked.
#NewTraders# #USDollarIndex# #USDollar# #Todayanalysis# #analysis# #technicalanalysis# #fundamentalsanalysis# #CPI# #CPI（消费物价指数）# #Knowledge# #howtomasterforextrading# #community#
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.