Patterns: Dollar.IDX/USD, GBR.IDX/GBP
|Dollar.IDX/USD bounces off support
The DOLLAR.IDX/USD pair bounced off the lower line of an ascending channel pattern at the 92.00 level on September 3. As a result, the dollar index, which measures the US Dollar against a basket of major currencies, has edged higher by 77 pips or 0.84% since last week's trading sessions.
All things being equal, the index could continue to trend bullish during the following trading session. The potential target for buyers would be near the 93.40 area.
However, the exchange rate could reverse from a resistance cluster at the 92.65 level within this session.
GBR.IDX/GBP breakout occurs
The Financial Times Stock Exchange 100 Index has declined by 1.88% since this week's trading sessions. A breakout occurred through the lower boundary of an ascending channel pattern on September 8.
Given that a breakout has occurred, the UK100 could continue to decline during the following trading sessions. The potential target for sellers would be near the 7000.0 mark.
However, the weekly support level at 7040.8 could provide support for the GBR.IDX/GBP pair within this session.
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