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Key Insights
- U.S. Dollar Index (DXY): Exhibits a bearish trend with RSI at 35, positioning below the 50 EMA.
- EUR/USD: Bullish momentum confirmed with an RSI above 50 and a break above a symmetrical triangle pattern.
- GBP/USD: Strong bullish sentiment seen above 1.2270, with the emergence of an upward channel and double top pattern.
U.S. Dollar
Dollar Index (DXY) 4h Chart
The current price, 24-hour movement, ranking, and market cap of the U.S. Dollar Index will need to be updated. Additionally, the supply data, presented in millions or billions, is pending. The analysis is based on a 4-hourly chart timeframe.
The pivot point is established at $106.47. Key resistances are positioned at $106.97, $107.87, and $108.39, while supports can be found at $105.60, $105.08, and $104.20.
Turning to technical indicators, the RSI (Relative Strength Index) is at 35, indicating a bearish sentiment as it’s below 50. The 50 EMA (50-Day Exponential Moving Average) stands at $106.32. This value is significant as the price below the 50 EMA suggests a prevailing short-term bearish trend.
In terms of chart patterns, the specific pattern observed and its implications are yet to be provided. For example, a Symmetrical Triangle could indicate potential bullish momentum if there’s a break above it.
To conclude, the overall trend for the U.S. Dollar is bearish when below $106.31 and bullish otherwise. The short-term forecast, which might predict resistance testing or other trends, is yet to be specified.
EUR/USD
EUR/USD 4h Chart
The EUR/USD is analyzed on a 4-hour chart timeframe. With a pivot point at $1.0547, key resistances are identified at $1.0642, $1.0699, and $1.0794. Supports are found at $1.0493, $1.0393, and $1.0339. The Relative Strength Index (RSI) stands at 59, showcasing a bullish sentiment as it’s above 50.
Meanwhile, the Moving Average Convergence Divergence (MACD) values are 0.00048 for MACD and 0.00160 for the signal, implying possible upward momentum. The 50-day Exponential Moving Average (EMA) is pegged at $1.0553.
Observing the chart patterns, a symmetrical triangle pattern emerges, hinting at bullish momentum as the asset breaks above the triangle. In conclusion, the trend is bullish when above 1.0600 and bearish below. The short-term forecast awaits further specifics but could involve resistance testing.
GBP/USD
GBP/USD 4h Chart
Analyzing the GBP/USD on a 4-hour chart, the pivot point is set at $1.2180. Resistances are charted at $1.2323, $1.2405, and $1.2548, with supports at $1.2098, $1.1958, and $1.1873. The Relative Strength Index (RSI) registers a value of 57, implying a bullish sentiment since it’s above 50.
For the MACD, values are recorded at 0.00049 and 0.00247 for the MACD line and signal, respectively, hinting at possible bullish momentum. The 50-day Exponential Moving Average (EMA) clocks in at $1.2196.
Two chart patterns emerge: an upward channel suggesting a buying trend and a double top pattern at 1.2270, indicating a possible reversal. Conclusively, the GBP/USD showcases a bullish trend above 1.2270 and becomes bearish below this level. The short-term forecast remains unspecified but may consider potential resistance testing.
USD/CAD
USD/CAD 4h Chart
On a 4-hour chart for USD/CAD, the pivot point is set at $1.3671. Resistance levels are positioned at $1.3780, $1.3894, and $1.4002. Supports are marked at $1.3555, $1.3448, and $1.3330. The Relative Strength Index (RSI) is currently at 40, indicating a bearish sentiment as it’s below 50.
The 50-day Exponential Moving Average (EMA) is noted at $1.3631, revealing that the price is slightly above this level, suggesting a hint of a bullish trend in the short term. Specific chart patterns were not provided, so their implications remain undefined.
In summary, the overall trend for USD/CAD appears to be bullish when the price is above 1.3555 and bearish below. The asset might test specific resistance levels in the upcoming days, but the exact levels remain unspecified in this report.
USD/JPY
USD/JPY 4h Chart
Analyzing the 4-hour chart for USD/JPY, we identify a pivot point at $148.93. The resistance levels are projected at $150.52, $151.79, and $153.36, while support levels sit at $147.72, $146.14, and $144.89. The Relative Strength Index (RSI) is right at 50, indicating a balance between bullish and bearish sentiments. The 50-day Exponential Moving Average (EMA) registers a value of $148.96, which shows that the price is slightly above it, insinuating a budding short-term bullish trend.
Currently, the overall sentiment for USD/JPY is bullish above $148.45. There’s an expectation for the asset to challenge one of its resistance levels in the imminent days, but the specific target remains unspecified.
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This article was originally posted on FX Empire
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