Weekly Technical Market Insight: 7th – 11th February 2022
- Daily Report, Market Insights, Recent Posts, Technical Analysis
- February 5, 2022
XJO WEEKLY: Last week’s low saw the retest of the 6890 completed, with a high close in the range.
READ MOREUS Dollar Index: Renewed upside momentum, fed by daily support at 95.84, watched the US dollar index (DXY) snap a three-week losing streak to close at +0.14%. Support also benefitted from the completion of a daily AB=CD pattern at 96.16, regarded as a bullish configuration among harmonic traders. The rebound from support, according to the
READ MOREUS Dollar Index: The US Dollar Index (DXY), a measure of the buck’s value against a basket of six major currencies, nosedived 1.4% last week, recording its third successive weekly decline. Recent trade, by way of eight consecutive daily bearish candles, sliced through the lower limit of a bearish pennant configuration (98.27), subsequently taking on
READ MOREXJO WEEKLY: Last week’s low saw the retest of the 6890 completed, with a high close in the range.
READ MOREUS Dollar Index: Following a timid start off best levels a few points ahead of 100.00, buyers fazed into the background last week. Erasing 1.5%, the US dollar index, or DXY, extended losses for a second successive week and penetrated heavy-duty support on the daily timeframe. Thursday cut through the lower limit of a bearish
READ MOREUS Dollar Index: Down 0.5%, the US dollar index, or DXY, witnessed buyers take a back seat last week, snapping a two-week winning streak. On the technical front, supply at 101.79/101.00 is located in an ideal site to facilitate a fakeout setting above tops at around 100.88 this week. It was stressed in the previous
READ MOREEUR/USD: Monthly timeframe: (Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves) March, evident from the monthly chart, left behind a long-legged doji indecision candle, with its extremes crossing paths with heavyweight supply at 1.1857/1.1352 (intersects with a long-term trendline resistance [1.6038]) and demand at 1.0488/1.0912. April, as
READ MOREEUR/USD: Monthly timeframe: (Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves) March, evident from the monthly chart, left behind a long-legged doji indecision candle, with its extremes crossing paths with heavyweight supply at 1.1857/1.1352 (intersects with a long-term trendline resistance [1.6038]) and demand at 1.0488/1.0912. April, as
READ MOREUS Dollar Index: Over the course of last week, the US dollar index, or DXY, gained speed, recording its second successive weekly gain and adding 1.27%. Double-top resistance (blue arc) at 100.88, particularly after having its neckline broken at 98.82 (April 15 low), has likely lured sellers into play. Unfortunately, with price action concluding the
READ MOREUS Dollar Index: The US dollar index, measured by factoring in the exchange rates of six major world economies, staged a vigorous recovery in the early stages of the week. Things turned sour mid-session, however, encountering strong headwinds off 100.40, with Friday’s candle reclaiming much of the earlier growth and closing at its lows. Technicians
READ MOREUS Dollar Index: The US dollar index, or DXY, found thin air above 100.00 last week, finishing the session sub 99.00, lower by 1.60%. Technical pattern traders will note the sprightly pullback pencilled in the final leg of a double-top scenario off 100.88, with Friday tunnelling through the neckline of the formation (98.82). Within the
READ MOREUS Dollar Index: Having recently pencilled in a v-shaped bottom a few points off demand at 98.18/98.65, the US dollar index (DXY) finished the week in positive territory (+0.58%), though off best levels Friday. Although reasonably snug above the 100.00 handle, the DXY is closing in on eye-catching supply from 101.79/101.00. On top of this,
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