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.
Friday 5th May 2023: Technical Outlook and Review
The DXY chart is currently showing a bearish bias, with potential for a bearish continuation towards the first support level at 100.84. This level is a multi-swing low support and may provide a level of support for the price if it drops towards this level.
Thursday 4th May 2023: Technical Outlook and Review
Gold (XAU/USD) is currently showing bullish momentum as the price is in an ascending channel. However, in the short term, the price may drop further to the 1st support level before bouncing back and heading towards the 1st resistance.
Wednesday 3rd May 2023: Technical Outlook and Review
The DXY chart is currently showing strong bearish momentum with high confidence, triggered by a break below an ascending support line. The price is expected to potentially continue its bearish trend towards the 1st support level at 101.24, which is a multi-swing low support level.
Tuesday 2nd May 2023: Technical Outlook and Review
The DXY chart is currently experiencing a bearish momentum. The price is below a major descending trend line, suggesting that bearish momentum is on the cards. Additionally, the price is testing a descending trend line which acts as resistance.
