Published: 2024-04-16T12:51:26.000Z
Chart USD Index DXY Update: Selling interest appearing at fresh 2024 highs
Senior Technical Strategist
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The anticipated break above 106.00 is meeting selling interest at fresh 2024 year highs just beneath congestion resistance at 106.50
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 109.00 | ** | 61.8% ret of Sep-Jul fall | S1 | 106.00 | ** | congestion | |
R3 | 108.00 | * | congestion | S2 | 105.00 | ** | break level | |
R2 | 107.15/35 | ** | 50% ret of Sep-Jul fall; 3 Oct 2023 (y) high | S3 | 104.50 | break level | ||
R1 | 106.50 | * | congestion | S4 | 104.00 | * | congestion |
Asterisk denotes strength of level
13:35 BST - The anticipated break above 106.00 is meeting selling interest at fresh 2024 year highs just beneath congestion resistance at 106.50, as intraday studies turn down, unwinding negative divergence. The daily Tension Indicator continues to strengthen, suggesting room for a fresh test higher. However, overbought daily and weekly stochastics are flattening, suggesting difficulty sustaining any tests/break above 106.50. In the coming sessions, cautious trade is expected to give way to a pullback. A close below 106.00 will add weight to sentiment and open up a swift fall towards support at 105.00.