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Dollar Index Awaiting Positive Wave

Technical Analysis
By Shady Fouad
Dollar Index Awaiting Positive Wave
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DOLLAR INDEX

مؤشر الدولار

The U.S. Dollar Index is trading around the resistance area of 104.25, and it is likely to break upwards. However, this scenario would be invalidated by breaking the minor support area of 103.75.

Support

 103.75 103 102.30
Resistance 104.25 104.90

105.55

In recent periods, the U.S. Dollar Index (DXY) has shown notable strength, trading around key resistance levels. This performance is largely driven by recent economic data and monetary policy expectations, as anticipated interest rate hikes have bolstered demand for the dollar.

The index tested significant resistance at the 104.25 level, indicating strong upward momentum, though it has also encountered periods of consolidation as it approached these higher levels.

Currently, the index is maintaining an upward trend in the medium term, with support around the 103.75 level. If the index continues to hold this level, it may continue its rise, potentially breaking through resistance areas and reaching new highs. Conversely, a break below the support level could signal a reversal or period of consolidation as the market reacts to changes in economic indicators and global currency dynamics.

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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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