During Tuesday’s trading session, the currency exchange rate broke the resistance of the weekly R2 to end the trading session at the 113.75 mark. On Wednesday morning, the US Dollar was kept surging upwards to trade at the 113.86 mark.
In regards to the near-term future, the US Dollar will keep surging upwards to trade at the 114.00 level on Wednesday. The 55-hour simple moving average will try to catch up the rate during the day.
On the other side, the US Dollar could depreciate against the Japanese Yen during today’s US Prelim GDP and Crude Oil Inventories data releases to push the rate to pass through the support of the weekly R2 at 113.74 to trade at the 113.60 level.
In regards to the near-term future, the US Dollar will keep surging upwards to trade at the 114.00 level on Wednesday. The 55-hour simple moving average will try to catch up the rate during the day.
On the other side, the US Dollar could depreciate against the Japanese Yen during today’s US Prelim GDP and Crude Oil Inventories data releases to push the rate to pass through the support of the weekly R2 at 113.74 to trade at the 113.60 level.
Note
During Wednesday’s trading session, the currency exchange rate passed through the support of the weekly R2 to end the trading session at the 113.54 mark. On Thursday morning, the US Dollar depreciated to pass through the support of the weekly R1 to trade at the 113.27 mark.
In regards to the near-term future, in all likelihood, the US Dollar will trade between the weekly R1 at 113.36 and the weekly R2 at 113.74. Moreover, the 55-hour SMA should resist the currency pair to prevent the rate from surge above the weekly R2.
On the other side, the resistance of the weekly R1 at 113.36 could push the US Dollar to trade outside of the previously drawn pattern.
Note
During Thursday’s trading session, the currency exchange rate broke the weekly R1 at 113.36 to end the trading session at the 113.37 mark. On Friday morning, the US Dollar was located near the weekly R1 at 113.36 to trade at the 113.39 mark.
In regards to the near-term future, it is expected that the US Dollar will trade sideways to stay near the weekly R1 at 113.36 due to the strong resistance and the support levels of the technical indicators. Most likely, the currency exchange pair will be trading at the 113.40 level during the trading day.
On the other side, the stronger support level of the 200-hour SMA could help the rate to break the resistance of the 55-hour SMA to push the rate to trade at 113.60.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.