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Daily Technical Report 4-6-2024

Technical Analysis
By Shady Fouad
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DOLLAR INDEX

DXY

The Dollar Index has broken the upward trendline to the downside and is testing the support area at 104. If this support is broken to the downside, we may target the 103 area. However, if prices rebound from the aforementioned support area, we might test the 105 area again.

Support

 1.0880 1.0800 1.0765
Resistance 1.0895 1.0935

1.0960

USOIL

USOIL

Oil has broken its sideways range by breaking the support area at $76. This could lead us to target the $71.50 area. However, it is likely that the $73.25 area will slow down the downward movement before the decline resumes.

Support

 73.25 72.5 71.50
Resistance 74.30 75.6

76.15

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Shady Fouad

Shady Fouad is a technical analyst at LDN Company
Shady's strategic vision in the currency markets is reinforced by more than fifteen years of trading experience, which enables him to blend economic and technical analyzes with high efficiency, and find the best investment ideas for traders.

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