FP Markets Market Review 24/06/2022
- Featured Posts, Market Insights, Technical Analysis
- June 24, 2022
US Dollar Index: After penetrating the upper perimeter of a daily falling wedge pattern (93.91/92.55), upside performance was initially lacklustre, hampered by daily supply at 94.02/93.56 and the current downtrend, active since topping in March. A falling wedge can signify either a reversal or continuation signal – in this case the pattern implies a reversal.
READ MOREUS Dollar Index (DXY) After breaching the upper rim of a daily falling wedge pattern (93.91/92.55), upside performance has been lacklustre, hampered by daily supply at 94.02/93.56 and the current downtrend, active since topping in March at 102.99. A falling wedge can signify either a reversal or continuation signal – in this case the pattern
READ MOREUS Dollar Index: The beginning of the week observed price action prod through (and retest) the upper frame of a daily falling wedge pattern (93.91/92.55), fuelled amid recovery gains off daily support at 92.26, an active S/R level on the US dollar index (DXY) since late 2017. A falling wedge can represent either a
READ MOREUS Dollar Index: Daily support at 92.26, an active S/R level on the US dollar index (DXY) since late 2017, commanded attention early last week, albeit suffering a whipsaw to YTD lows at 91.75. Recovery gains from the aforesaid support, as you can see, extended into the week’s close, consequently throwing light on the upper
READ MOREUS Dollar Index: The response from daily support at 92.26 (August 19), an active S/R level since late 2017, was, as you can see, short-lived, topping ahead of daily supply at 94.02/93.56 (August 21). Down 1 percent on the week, the aforesaid support re-entered the frame Friday, approached by way of a dominant, almost full-bodied,
READ MOREUS Dollar Index: Up 0.1%, the US dollar index put an end to an eight-week losing streak in recent trading, technically sponsored by support at 92.26, an active level since late 2017. Also providing additional impetus is a medium-term bear flag (between 95.72/97.45) take-profit target at 92.71, calculated by measuring the preceding move and adding
READ MOREUS Dollar Index: Down 0.32%, the US dollar index (DXY) found itself on the backfoot once again last week, unearthing an eighth consecutive weekly decline. Wrapping up July, price action crossed paths with 92.71, a daily bear flag (between 95.72/97.45) take-profit target, measured by calculating the preceding move and adding the value to the breakout
READ MOREUS Dollar Index: After scoring a 27-month low at 92.52 heading into the second half of the week, a strong-willed recovery emerged. Albeit inspiring, the US dollar index (DXY) still marginally closed in negative territory (-0.10 percent), recording a seventh successive weekly decline (falling more than 4 percent in July). From a technical point of
READ MOREUS Dollar Index: The US dollar index, measured by factoring in the exchange rates of six major world currencies, relinquished additional ground last week, dropping nearly 1 percent and processing a sixth successive weekly decline. Early week, as you can see, had technical movement dethrone a daily bearish pennant (98.27/100.93) take-profit target at 93.97 (yellow).
READ MOREUS Dollar Index: Cementing a strong bearing underneath support at 95.84 in early trade, the US dollar index, a measure of the USD’s value against a weighted basket of foreign currencies, logged a fifth successive bearish close last week and erased 1.7%. With 95.84 potentially now a distant memory, 93.97 takes centre stage this week,
READ MOREUS Dollar Index: The June 10 recovery off daily support at 95.84, as you can see, launched a bear flag between 95.72/97.45. Recent weeks, though, observed price slip through the aforesaid flag’s lower boundary, introducing a sell signal and projecting moves as far south as 92.72 (take-profit target measured by calculating the preceding move and
READ MOREUS Dollar Index: The June 10 recovery off daily support at 95.84, as you can see, established a reasonably compact bear flag between 95.72/97.45. Last week kicked off slipping below the aforesaid flag’s lower boundary, introducing a sell signal and projecting moves as far south as 92.72 (take-profit target measured by calculating the preceding move
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