Energies
The US dollar remains bullish against major currencies. The dollar index (DXY) broke above 100 in early trading today as it reached a high of 100.54.
USDJPY is up 2.5% so far this week and it broke 146.00 earlier today. All three short term and mid term moving averages are slopping upward. Price is being supported by these dynamic support levels, which confirms the upward trend.
A correction toward the moving average MA(30) is expected before continuing the upward trend. Eyes on the 145.00 psychological level.
USDJPY 1H Chart
| Resistance | 146.30 | 146.73 | 147.13 |
| Support | 145.60 | 144.77 | 144.36 |
Gold is declining as the US dollar strengthens. The precious metal fell below $3,250 in early trading today. The selling pressure continues as the technicals show strong bearish momentum. MACD shows slight upward correction on the hourly chart which may drive the price up to the $3,280 level before continuing with the downward movement.
The dynamic resistance level of moving average MA(30), which coincides with the $3,300 is important watch as selling pressure at this level might keep prices lower. A bullish crossover of MA(5) and MA(10) could push prices higher to the aforementioned levels before continuing the downtrend.
Gold 1H Chart
| Resistance | $3,283 | $3,295 | $3,316 |
| Support | $3,259 | $3,245 | $3,232 |
US indices have been trending upward this week. The upward trend is expected to continue for the the rest of the week, however a bearish correction is expected before breaking this week’s high.
The Dow jones shows a strong uptrend on the hourly chart. Moving average MA(30) is trending upwards, which confirms the bullish momentum. MACD is still positive. We might see a correction towards MA(10) in today’s trading before continuing upwards. Eyes on the 42,500 levels.
Dow Jones 1H Chart
| Resistance | 42,817 | 42,884 | 42,955 |
| Support | 42,500 | 42,446 | 42,282 |
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