Wednesday 31th May 2023: Technical Outlook and Review
The Dollar Index (DXY) currently shows bullish momentum with potential for a bullish breakthrough of the first resistance, possibly rising to the second resistance. The first support level is at 103.50, serving as an overlap support.
Tuesday 30th May 2023: Technical Outlook and Review
The DXY chart currently displays a weak bearish momentum, although with low confidence. The potential factors contributing to this momentum are the possibility of the price breaking below an ascending trendline, which could trigger a bearish continuation towards the first support level.
Monday 29th May 2023: Technical Outlook and Review
Based on your analysis, the XAU/USD pair (Gold to US Dollar) is currently demonstrating a bullish momentum. The price being above a significant ascending trendline is a good indicator suggesting further bullish momentum could be anticipated.
Friday 26th May 2023: Technical Outlook and Review
In the short term, there's a possibility that the price could further descend towards the first support level at 103.50 before rebounding and climbing towards the first resistance. This first support level is known as a pullback support, which suggests it could halt any further downward movement.
Thursday 25th May 2023: Technical Outlook and Review
In the near term, the price could potentially decline further to the first support level at 103.63 before bouncing back and ascending towards the first resistance level. The first support level, identified as a multi-swing low support, may offer a strong base to prevent further price decline.
Wednesday 24th May 2023: Technical Outlook and Review
The EUR/USD pair currently exhibits a bearish trend, with the price moving in a bearish descending channel. Given this trend, there is potential for continued bearish movement towards the initial support level.
Tuesday 23nd May 2023: Technical Outlook and Review
The DXY chart is currently bearish, with the price trading below a major descending trend line, suggesting further bearish momentum could be on the cards. The price could potentially continue downwards to the 1st support level. The 1st support is at 100.77, serving as a multi-swing low support, which could be a strong level of buying interest.
Monday 22nd May 2023: Technical Outlook and Review
The XAU/USD chart demonstrates bullish momentum, with the price positioned above a major ascending trend line, suggesting the potential for further upward movement. In line with this bullish momentum, there is a possibility of a bullish continuation towards the first resistance level at 2069.80.
Friday 19th May 2023: Technical Outlook and Review
The current momentum of the DXY chart is best described as weak bullish, although there is a level of uncertainty surrounding this assessment. It is important to emphasize that this analysis is based on the available data and indicators at this time.
