Dollar Index Holds Support Amid Technical Rebound Potential
The US dollar shows signs of stabilization after Wednesday’s pullback, with technical indicators suggesting potential upside across major currency pairs while gold faces resistance near recent highs.
Technical Outlook
| Instrument | Key Levels | Trading Bias |
|---|---|---|
| DXY (Dollar Index) | Support: 98.50-55 / 98.20-25 Resistance: 98.95-99.00 / 99.20-25 |
Buy dips |
| EUR/USD | Resistance: 1.1450-55 / 1.1480-85 Support: 1.1400-05 / 1.1370-75 |
Sell rallies |
| Gold (XAU/USD) | Resistance: 3392-93 / 3409-10 Support: 3351-52 / 3327-28 |
Sell into strength |
Trading Strategy Recommendations
USD Index
Range: 99.25 – 98.50
Action: Buy at lower bound
Stop: 30 pips below 98.50
Target: Upper bound
EUR/USD
Range: 1.1455 – 1.1370
Action: Sell at upper bound
Stop: 40 pips above 1.1455
Target: Lower bound
GBP/USD
Range: 1.3595 – 1.3510
Action: Sell at upper bound
Stop: 40 pips above 1.3595
Target: Lower bound
USD/CHF
Range: 0.8230 – 0.8145
Action: Buy at lower bound
Stop: 40 pips below 0.8145
Target: Upper bound
USD/JPY
Range: 143.30 – 142.15
Action: Buy at lower bound
Stop: 40 pips below 142.15
Target: Upper bound
AUD/USD
Range: 0.6520 – 0.6465
Action: Sell at upper bound
Stop: 30 pips above 0.6520
Target: Lower bound
USD/CAD
Range: 1.3715 – 1.3630
Action: Buy at lower bound
Stop: 30 pips below 1.3630
Target: Upper bound
Gold (XAU/USD)
Range: 3393 – 3351
Action: Sell at upper bound
Stop: $20 above 3393
Target: Lower bound
Execution Notes
- All positions should implement stop-loss orders as specified
- Take-profit at 30+ pips for favorable moves
- Cancel pending orders before US market open if not filled
- Margin traders may adjust position sizes accordingly
- Cash account traders should consider wider stops
Related topics:
