Dukascopy Bank Team
Dukascopy Bank SA
Dollar.IDX/USD 4H Chart: Hits six-week low
The dollar index, which measures the US Dollar against a basket of major currencies, has been edging lower in a descending channel pattern since the end of November. The currency pair hit a six-month low at 96.04 during last week's trading sessions.
Currently, the Dollar.IDX/USD pair is testing a resistance level formed by the 200– hour simple moving average at 97.18.
From a theoretical point of view, the pair will make a brief downside movement within this week's trading sessions. The potential target will be at the 96.60 area.
However, given that the pair is trading near the upper line of the descending channel pattern, a breakout might occur in the nearest future.
GBR.IDX/GBP 4H Chart: Buy signals
The UK100, which measures the best 100 performing stocks from the London Stock Exchange, has surged by 6.79% in value since the beginning of December. The pair tested the upper boundary of an ascending channel pattern at 7676.88 on December 27.
Everything being equal, the GBR.IDX/GBP pair will most likely continue to trade north in the ascending channel pattern during the following trading sessions. The potential target will be at the 7800.00 marks.
However, given that the pair the UK100 index is trading near the bottom border of the ascending channel pattern, a breakout could occur within this week's trading sessions.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.