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.
Wednesday 10th May 2023: Technical Outlook and Review
Currently, the DXY chart is seeing a multi-swing low support level at 101.02, which is a strong reason for its potential to be a good support level. Additionally, there is a swing low support level at 100.82, further reinforcing the strength of the support levels.
Tuesday 9th May 2023: Technical Outlook and Review
The EUR/USD instrument. The overall momentum of the chart is currently bearish, and this is due to the possibility that the price may break below the ascending trendline, which could cause the price to drop towards the 1st support level.
Monday 8th May 2023: Technical Outlook and Review
The first resistance level for the EUR/USD chart is located at 1.1033, which is a multi-swing high resistance level. This level is a good potential point for the price to react off of, and potentially drop towards the first support level at 1.0789. This level is an overlap support level and has the potential to push prices even lower.
