Published: 2024-04-29T12:42:50.000Z
Chart USD Index DXY Update: Under pressure
Senior Technical Strategist
-
Cautious trade has given way to the anticipated test lower
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 | * | congestion | S3 | 104.50 | break level | ||
R1 | 106.00 | * | congestion | S4 | 104.00 | * | congestion |
Asterisk denotes strength of level
13:30 BST - Cautious trade has given way to the anticipated test lower, with mixed/negative intraday studies prompting consolidation above the 105.41 weekly low of 26 April. Daily readings continue to track lower, pointing to room for further losses in the coming sessions, with a break beneath here adding weight to sentiment and opening up support at 105.00. However, weekly charts are mixed, suggesting any immediate tests could give way to fresh consolidation. Meanwhile, resistance remains at congestion around 106.00. A close above here, if seen, will turn price action neutral and prompt consolidation beneath further congestion around 106.50.