Patterns: Dollar.IDX/USD, GBR.IDX/USD
|Dollar.IDX/USD breakout occurs
The dollar index, which measures the US Dollar against a basket of major currencies, has declined by 1.12% since October 10. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday's trading session.
Given that a breakout has occurred, sellers could continue to pressure the price lower within the following trading sessions.
However, the 200– period simple moving average at 93.39 could provide support for the DOLLAR.IDX/USD pair in the shorter term.
GBR.IDX/USD likely to maintain channel
The UK100, which compiles the top 100 capitalized UK companies listed on the London Stock Exchange, has edged higher by 2.27% since October 12. The FTSE 100 breached the resistance level at 7243.06 this week.
Technical indicators suggest buying signals on the 4H and daily time-frame charts. Most likely, the index could continue to trend higher in an ascending channel pattern within the following trading sessions.
However, buyers could still encounter resistance at 7243.06 within this week's trading sessions.
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