Monday 22nd May 2023: Technical Outlook and Review
The XAU/USD chart demonstrates bullish momentum, with the price positioned above a major ascending trend line, suggesting the potential for further upward movement. In line with this bullish momentum, there is a possibility of a bullish continuation towards the first resistance level at 2069.80.
Friday 19th May 2023: Technical Outlook and Review
The current momentum of the DXY chart is best described as weak bullish, although there is a level of uncertainty surrounding this assessment. It is important to emphasize that this analysis is based on the available data and indicators at this time.
Thursday 18th May 2023: Technical Outlook and Review
The DXY (US Dollar Index) chart currently indicates bearish momentum, suggesting the potential for further downward movement. In the near term, there is a possibility of a bearish continuation towards the first support level at 102.24. This level is recognized as an overlap support and coincides with a 38.20% Fibonacci retracement, enhancing its significance.
Wednesday 17th May 2023: Technical Outlook and Review
In the context of the DXY, we're witnessing a weak bullish momentum with low confidence. This suggests a potential bullish continuation towards the 1st resistance, although we should be cautious due to the low confidence in the momentum.
Tuesday 16th May 2023: Technical Outlook and Review
The Dollar Index (DXY) is currently observing a significant bullish momentum, suggesting a potential continued upward movement. The bullish tendency could potentially lead the price to bounce off the first support and head towards the first resistance.
Monday 15th May 2023: Technical Outlook and Review
The price is supported at the first support level of 100.90. This level has served as a multi-swing low support, indicating its significance in the price structure of DXY. A bounce from this support could steer the price towards the first resistance level.
Friday 12th May 2023: Technical Outlook and Review
Currently, the DXY is demonstrating a robust bullish momentum. Despite this, there's a possibility of a further drop to the 1st support in the short term. However, the bullish outlook suggests a potential rebound from this level, pushing the price upwards towards the 1st resistance.
Thursday 11th May 2023: Technical Outlook and Review
The DXY chart is currently showing bearish momentum, with price potentially continuing its bearish trend towards the 1st support level at 101.02. This support level is a multi-swing low support, indicating that price has bounced off this level multiple times in the past.
Wednesday 10th May 2023: Technical Outlook and Review
Currently, the DXY chart is seeing a multi-swing low support level at 101.02, which is a strong reason for its potential to be a good support level. Additionally, there is a swing low support level at 100.82, further reinforcing the strength of the support levels.
