Published: 2024-05-09T12:57:05.000Z
Chart USD Index DXY Update: Under pressure
Senior Technical Strategist
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The anticipated test above 105.50 has been pushed back from 105.75
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 107.15 | ** | 50% ret of 2022-2023 fall | S1 | 105.00 | ** | break level | |
R3 | 106.50/52 | ** | congestion; 16 Apr YTD high | S2 | 104.50 | break level | ||
R2 | 106.00 | * | congestion | S3 | 104.25 | ** | 38.2% ret of Dec-May rally | |
R1 | 105.50 | * | congestion | S4 | 104.00 | ** | congestion |
Asterisk denotes strength of level
13:40 BST - The anticipated test above 105.50 has been pushed back from 105.75, with unwinding overbought intraday studies prompting a break back below 105.50. A move down towards support at 105.00 cannot be ruled out, but rising daily stochastics are expected to limit any initial tests in fresh consolidation. Broader weekly charts are under pressure, however, pointing to room for a later break and a retest of 104.50, with scope for continuation to the 104.25 Fibonacci retracement. Meanwhile, resistance is up to congestion around 106.00 and should cap any immediate tests higher.