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Daily Technical Report 8-8-2024

Technical Analysis
By Shady Fouad
ENGLISH
0 10

DOLLAR INDEX

DOLLAR INDEX

The Dollar Index is trading below the resistance zone at 103. Therefore, it is likely that prices will move within a  sideways range in today’s trading, between the mentioned resistance zone and the support level at 102.30. This scenario becomes invalid if the index breaks above 103.

Support

 102.70 102.50 102.30
Resistance 103 103.40

103.70

USOIL

USOIL

Oil rebounded from the $71 level to the upside, reaching the resistance area around $75. This area is likely to limit the upward momentum in today’s trading, which could lead to a retest of the support area around $71.50. This scenario would be invalidated if the aforementioned resistance area is broken to the upside.

Support

 72.50 71.50 69.50
Resistance 75 76.40

78.25

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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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