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.
Thursday 18th May 2023: Technical Outlook and Review
The DXY (US Dollar Index) chart currently indicates bearish momentum, suggesting the potential for further downward movement. In the near term, there is a possibility of a bearish continuation towards the first support level at 102.24. This level is recognized as an overlap support and coincides with a 38.20% Fibonacci retracement, enhancing its significance.
Wednesday 17th May 2023: Technical Outlook and Review
In the context of the DXY, we're witnessing a weak bullish momentum with low confidence. This suggests a potential bullish continuation towards the 1st resistance, although we should be cautious due to the low confidence in the momentum.
Tuesday 16th May 2023: Technical Outlook and Review
The Dollar Index (DXY) is currently observing a significant bullish momentum, suggesting a potential continued upward movement. The bullish tendency could potentially lead the price to bounce off the first support and head towards the first resistance.
Monday 15th May 2023: Technical Outlook and Review
The price is supported at the first support level of 100.90. This level has served as a multi-swing low support, indicating its significance in the price structure of DXY. A bounce from this support could steer the price towards the first resistance level.
Friday 12th May 2023: Technical Outlook and Review
Currently, the DXY is demonstrating a robust bullish momentum. Despite this, there's a possibility of a further drop to the 1st support in the short term. However, the bullish outlook suggests a potential rebound from this level, pushing the price upwards towards the 1st resistance.
Thursday 11th May 2023: Technical Outlook and Review
The DXY chart is currently showing bearish momentum, with price potentially continuing its bearish trend towards the 1st support level at 101.02. This support level is a multi-swing low support, indicating that price has bounced off this level multiple times in the past.
