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Daily Technical Report 5-6-2024

Technical Analysis
By Shady Fouad
English
0 27

DOLLAR INDEX

DXY

The Dollar Index broke the upward trendline downward and is currently trading above the support area at 104. If it breaks below this level, we might target the 103 area. However, if prices rebound from the mentioned support area, we could test the 105 area again.

Support

 104 103.6 103
Resistance 104.5 105

105.55

NASDAQ

NASDAQ

The Nasdaq Index is trading above the support area at $18,655, within the range of $18,730. Selling pressure is likely to appear in this region, potentially leading to a price decline and a retest of the mentioned support area. If the support is broken downward, the pace of the corrective downward movement may accelerate.

Support

 18655 18500 18350
Resistance 18755 18840

18950

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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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