Monday 31st July 2023: Technical Outlook and Review
The DXY is demonstrating a bearish trend at the moment, being positioned below a significant descending trend line. This suggests the potential for a continuation of bearish momentum. The likelihood is that price could potentially continue its bearish move towards the 1st support, located at 99.66. This support level has credibility due to its history as a multi-swing low support.
Friday 28th July 2023: Technical Outlook and Review
The XAU/USD pair, the chart's overall momentum is bearish. Consequently, we could potentially witness a bearish reaction off the 1st resistance level, which would then cause the price to drop towards the 1st support level.
Thursday 27th July 2023: Technical Outlook and Review
The DXY instrument is currently showing a bearish overall momentum. It's predicted that the price could potentially make a bearish reaction off the 1st resistance and drop to the 1st support level. The 1st support is located at 100.39 and is seen as good due to its quality as a pullback support and its position at the 61.80% Fibonacci retracement level.
Wednesday 26th July 2023: Technical Outlook and Review
The DXY chart displays a bullish momentum, suggesting a potential upward continuation towards the 1st resistance. The 1st support is at 100.84, identified as an overlap support. The 2nd support at 100.02 aligns with the 78.60% Fibonacci retracement level, further enhancing its significance.
Tuesday 25th July 2023: Technical Outlook and Review
The DXY chart indicates a bullish momentum, suggesting a potential bullish continuation towards the 1st resistance level at 101.98. This resistance level is identified as an overlap resistance and coincides with the 61.80% Fibonacci retracement.
Monday 24th July 2023: Technical Outlook and Review
The price may potentially experience a bearish reaction off the 1st resistance level at 101.09, which coincides with the 38.20% Fibonacci retracement, leading to a drop towards the 1st support at 101.03, representing the 61.80% Fibonacci retracement.
Friday 21st July 2023: Technical Outlook and Review
The chart for the DAY instrument indicates a prevailing bearish momentum, suggesting a potential continuation of the downward movement towards the 1st support level. This support level, located at 100.01, holds significance as an overlap support and aligns with the 61.80% Fibonacci retracement. Furthermore, the 2nd support level at 99.42 also acts as an overlap support.
Thursday 20th July 2023: Technical Outlook and Review
The XAU/USD (Gold) chart currently demonstrates a bullish overall momentum, suggesting the potential for a bullish breakout of the 1st resistance level and a subsequent rise towards the 2nd resistance level.
Wednesday 19th July 2023: Technical Outlook and Review
The dollar index (DXY) chart is currently exhibiting a bullish momentum, suggesting that the price could potentially make a bullish continuation towards the 1st resistance. The intermediate support level is at 99.66 and is identified as a multi-swing low support. This level may halt any short-term downtrend.
