US Dollar Weekly Report – 26 Mar 2024
USD UPDATE: EUR/USD (Daily)
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• The preferred view of a bull trend to RA2, followed by impulsive downside to S3, remains valid.
• The longer term view is for wide ranging condi-tions between RA2* and S3.
• The phase B bull phase has tested and reversed off R0*. The interim view of downside to cluster support at S1*/K seems to be materializing.
• Phase X gains to RA2 remain likely if the pivotal S1*/K level holds during the current downward move.
• R0*/S1* defines the medium term neutral range.
Target and re-assessment levels
Important levels
R0* and S1*
Primary trend
Gains to RA2*, then down to S3
Monthly Range
L/K
Prevailing trend
Downside towards S1*
Technical rating
Medium
USD UPDATE: USD INDEX (Daily)
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WXY downside within the P*Q consolidation is ma-terializing and could persist to S2/Q* as part of the widening PQ range.
• The PQ* widening triangle is incomplete with WXY downside, followed by final gains to P.
• Short term: The recent view of gains from S0* to R0, as part of the X phase, is materializing. It is possible that this consolidation could form a K*/L pattern to precede phase Y downside to Q.
• The K*/L consolidation is in the middle of the PQ range and thus very neutral. A breach of either K* or S0*is required for interim trending.
Target and re-assessment levels
Important Levels
K* and S0*
Primary trend
Downside to Q, then gains to P
Monthly Range
R0*/S1
Prevailing trend
R0*/ S0* ranging.
Technical rating
Medium
USD UPDATE: USD INDEX (5 Hour)
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The R1/S1* consolidation phase remains valid and has been enhanced by a possible KL wedge consol-idation. This ranging should precede an eventual bear phase to S3, as illustrated.
• The WXY gains to R1/K* is likely part of ongoing consolidating price action between K* and L.
• The expected K*L formation is preferred, but could still develop into a rectangle or a triangle between R1 and S0.
• K* is now the negation level for the overall bear-ish bias. A break through S1* will confirm the bear phase.
Target and re-assessment levels
Important Levels
K* and S1*
Primary trend
K*/L ranging, followed by down-side to S3
Weekly Range
R0/S0
Prevailing trend
WXY type upside to R1/K*
Technical rating
Medium
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Red Line: “Roadmap” – A visual representation of proba-ble future price action. A perforated red line suggest various proba-ble outcomes with the perforated line being
Blue Line: Trend Lines that constitute important sup-port / resistance or break levels
TA – Target area
MA – Moving average
R – Resistance
RA – Resistance area
MR – Minor Resistance
MS – Minor Support
MTR – Medium Term Resistance
MTS – Medium Term Support
SA – Support Area
S – Support
T – Target
* or ** – Significance of level