Daily Technical Report 4-4-2024

DOLLAR INDEX 

The index is trading near a support zone within the range of 104 to 103.75. It is anticipated that prices will rebound upwards and test the resistance zone at 104.75. However, this scenario would be invalidated if the support zone mentioned earlier is broken downwards.

EURUSD 

Prices rebounded in the previous trading sessions from near the support zones around 1.0700. Currently, they are facing a secondary resistance zone within the range of 1.0860. If this resistance is breached upwards, we may target 1.0975. However, it is anticipated that the 1.0860 level could impede the upward momentum.

GBPUSD 

Prices are trading within a sideways range between the resistance zone at 1.2775 and the support zone at 1.2530. Currently, prices are encountering a secondary resistance zone within the range of 1.2650. It is expected that this zone will hinder the upward momentum. However, in the event of a break below the previously mentioned support zone, we may witness a sharp decline in prices.

DOW JONES

The Dow Jones index is trending upwards in the medium term. However, prices faced selling pressure in recent sessions near the $40,000 level, leading to a decline that broke below $39,300. In this scenario, we may test the $38,500 level as the next support. This scenario would be invalidated if prices re-enter the range above $39,300 once again, signaling a potential continuation of the upward trend.

NASDAQ 

The Nasdaq index is trading sideways in the short term, between the resistance zone at $18,400 and the support zone at $17,850. In the event of a breakdown below the support zone, we may test $17,450. However, if prices break above this sideways range, the index may resume its upward trend in the short term.

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