The dollar index closed the week on a bullish note against
other major currencies having opened at 98.48, the upward rally in the dollar
can majorly be attributed to the expectation of a rate hike by the Fed in June.
Technical analysis: Looking at the weekly chart, the index find support at the
downward sloping trendline 98.77 with a bullish weekly engulf candle. The index
continues to trade within a triangle at immediate resistance of 100.39 and
support at 98.48
The oscillator indicator RSI 14 week period shows that the
index is trading below the downward sloping trendine at 46.11 level.
Index currently holds above the SMA 100
On the daily timeframe, the index currently trades below the
moving averages (SMA 100, EMA 20 and EMA 34).
Sentiment:
A break above 100.39 would most likey see a strong upside
rally in the index towards key resistance of 103.65, on the other hand a weekly
candle close below 98.77 would drive a bearish rally to critical support zone
of 93.18 – 91.92
Happy Trading Week
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