Patterns: Dollar.IDX/USD, GBR.IDX/GBP
|DOLLAR.IDX/USD 4H chart: Breakout occurs
The dollar index, which measures the US Dollar against a basket of major currencies, has declined by 1.20% since April 1. A breakout occurred through the lower boundary of an ascending channel pattern during this week's trading sessions.
Given that a breakout has occurred, the DXY index is likely to continue to edge lower during the following trading sessions. The potential target for sellers will be near the 91.50 area.
However, the DOLLAR.IDX/USD pair could bounce off from a support line at 92.16 within this week's trading sessions.
GBR.IDX/GBP 4H chart: Tests 3-month high
The UK100 index, which compiles the top 100 capitalized UK companies listed on the London Stock Exchange, has surged by 4.05% since March 25. The GBR.IDX/GBP pair breached a three-month resistance level at 6808.4 during this week's trading sessions.
Technical indicators suggest buying signals on the 4H, daily and weekly time-frame charts. Most likely, buyers could continue to pressure the price higher during the following trading sessions.
However, bullish traders could encounter resistance near the 6950.00 level this week.
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