Patterns: DOLLAR.IDX/USD, GBR.IDX/GBP
|DOLLAR.IDX/USD 4H Chart: Decline likely to continue
The dollar index, which measures the US Dollar against a basket of major currencies, has declined by 1.08% since last week's trading sessions. The index was pressured lower by the 100– period simple moving average.
All things being equal, the DOLLAR.IDX/USD pair could continue to edge lower in a descending channel pattern during the following trading sessions. The possible target for bears would be near the 88.50 area.
However, the weekly support level at 89.32 could provide a barrier for bearish traders in the shorter term.
GBR.IDX/GBP 4H Chart: Bulls could prevail
The UK100, which measures the best 100 performing shares from the London Stock Exchange, has surged by 5.58% since December 21. The index tested the 6650.4 level on December 29.
As for the near future, the GBR.IDX/GBP pair could continue to trend bullish during the following trading sessions. The possible target for bulls would be near the 6800.0 area.
However, the weekly resistance level at 6711.7 could provide resistance for bullish traders within this week's trading sessions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.