Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...
USD Resistance Remain Solid
2021-08-23 • Updated
Daily Chart
The US Dollar Index tried to break above 93.50 at the end of last week trading. However, it failed to do so, declining all the way back on Friday, forming a clear bearish shooting star on the daily chart. Earlier in Asia, the index dropped further to 93.30. In the meantime, this should not be a surprise, especially that the technical indicators are nearing overbought area, while the RSI is still trading below its downtrend line on the daily chart, which keeps the door open for another leg lower, possibly to retest 93.0 – 92.80 area before the uptrend resumes.
S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
92.96 | 93.26 | 93.38 | 93.55 | 93.67 | 93.85 | 94.14 |
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
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