The US Dollar Index (DXY) on the 4H chart remains under pressure, trading near 97.71 and holding below the key resistance zone of 98.20–98.30, aligned with the 20 SMA (middle Bollinger band) and 0.786 Fibonacci retracement (97.78), signaling a firm bearish bias.
Price action might continue to respect the descending trend, with recent candles showing rejection from the upper boundary and pointing toward a possible retest of 97.50–97.10 support levels. However, it will be crucial for prices to breach the fib level 0.786 and sustain lower.
Bollinger Bands are moderately compressed, suggesting controlled volatility, while RSI at 42 indicates weak momentum with a hidden bearish divergence (prices making lower highs and RSI making constant highs), reinforcing downside potential.
Unless the index reclaims 98.30 on strong buying, intraday traders may look for short opportunities on pullbacks, targeting 97.50 and then 97.10.
With no major data releases today, technical levels are likely to drive moves, and continued dollar weakness could support risk assets like equities and commodities, particularly gold and emerging market currencies.
Price action might continue to respect the descending trend, with recent candles showing rejection from the upper boundary and pointing toward a possible retest of 97.50–97.10 support levels. However, it will be crucial for prices to breach the fib level 0.786 and sustain lower.
Bollinger Bands are moderately compressed, suggesting controlled volatility, while RSI at 42 indicates weak momentum with a hidden bearish divergence (prices making lower highs and RSI making constant highs), reinforcing downside potential.
Unless the index reclaims 98.30 on strong buying, intraday traders may look for short opportunities on pullbacks, targeting 97.50 and then 97.10.
With no major data releases today, technical levels are likely to drive moves, and continued dollar weakness could support risk assets like equities and commodities, particularly gold and emerging market currencies.
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Certified Market Technician
WA: +33755531401
marketinvestopedia.com/
WA: +33755531401
marketinvestopedia.com/
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.