Technical Analysis

Dollar finds some reprieve close to near-term support level

Dollar index inches higher after moving close to the 100-hour MA

ForexLive

The 100-hour moving average is becoming a key level to watch out for across multiple dollar charts today. We’re seeing such a case in the EUR/USD, USD/JPY, and USD/CAD but also in USD/CHF, AUD/USD and NZD/USD in the last few hours too.

As for the dollar index itself, overnight moves saw buyers stumble at breaking above the 97.00 handle and we’ve seen a bit of a retracement thereafter. The lows today so far come close to testing the 100-hour MA (red line) @ 96.395 (low was 96.408) and since then we’re seeing price rebound a little higher.

It’s still early in the day and the session so far has been a rather quiet one with majority of the moves happening in Asian trading and early European trading. Regardless, the slight bounce here is a good sign of confidence that buyers are still in the game and that the near-term bullish bias is still defended – at least for now.

Articles You May Like

It’s not a pretty picture in cable
Ray Dalio: A paradigm shift is coming (and here is what’s to buy)
UK’s Barclay says that Barnier emphasised strong desire to avoid a no-deal Brexit
UK PM May: I’m worried about the state of politics
Gold falls back into the symmetrical triangle on mixed Fed sentiment

Leave a Reply

Your email address will not be published. Required fields are marked *