US Tech 100 forum

wasn`t last 4H candle bearish ? curious on what steam it is moving
- Trend: The daily momentum is bearish, with the Relative Strength Index (RSI) falling into oversold conditions.
- Support Levels: 98, 97.65
- Resistance Levels: 99.5, 100.10, 101.20
- Market Sentiment: Markets are questioning the USD's status as a reserve currency, and ongoing US protectionist measures, weakening US exceptionalism, and ballooning US debt are catalysts that could keep the 'sell USD on rally' trade intact.
- Forecast: OCBC's FX analysts expect the USD to trade weaker against major FX, including EUR, CHF, and JPY, over the forecast horizon.
- Short-Term Outlook: Short covering may be imminent, warranting caution, especially if there's any short covering.
Some analysts also expect²:
- Further Decline: The DXY has been in a clearly defined downtrend, showing consistent lower highs and lower lows.
- Potential Rebound: If the price cannot break through the 97.75 level, it's expected to rebound in the short term.
Key factors influencing the DXY include³:
- Federal Reserve Decisions: Monetary policy decisions, interest rates, and statements from Jerome Powell can impact the index.
- US Economic Data: GDP, inflation rates, and employment data can influence the USD's value.
- Global Economic Trends: Trade-related uncertainties, protectionist measures, and global growth concerns can affect the DXY.