Published: 2024-05-02T12:55:24.000Z
Chart USD Index DXY Update: Balanced above 105.41 - studies under pressure
Senior Technical Strategist
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The anticipated break below 106.00 has reached support at the 105.41 weekly low of 26 April
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 107.35 | ** | 3 Oct 2023 (y) high | S1 | 105.41 | * | 26 Apr (w) low | |
R3 | 107.15 | ** | 50% ret of Sep-Jul fall | S2 | 105.00 | ** | break level | |
R2 | 106.50/52 | ** | congestion; 16 Apr YTD high | S3 | 104.50 | break level | ||
R1 | 106.00 | * | congestion | S4 | 104.00 | ** | congestion |
Asterisk denotes strength of level
13:30 BST - The anticipated break below 106.00 has reached support at the 105.41 weekly low of 26 April, where expected consolidation is developing. Intraday studies are under pressure and daily readings are also bearish, highlighting room for a later break to 105.00. However, overbought weekly stochastics are also turning down, suggesting potential for still further losses to 104.50. Meanwhile, a close above congestion resistance at 106.00, if seen, will turn sentiment neutral and prompt range trade beneath 106.50/52.