The buck finished another week in positive territory last week, adding +0.8% and notching up an eighth consecutive week in the green.
Having noted the rebound from support at 99.67 and the trend facing northbound on the monthly scale in previous writing, as well as the scope for further outperformance in the direction of resistance at 109.33, longer-term chart studies suggest bulls will likely remain in the driving seat for the time being.
As evident from the daily chart, Friday eked out a marginal close north of resistance at 105.04 and left nearby daily support unchallenged at 104.42. With trend studies on the daily timeframe also facing north and price remaining above the 200-day simple moving average at 103.03, this market currently favours technical buying.
Given the analysis, buyers could find acceptance above 105.04 resistance on the daily chart this week and attempt to approach another layer of daily resistance at 105.76.
Having noted the rebound from support at 99.67 and the trend facing northbound on the monthly scale in previous writing, as well as the scope for further outperformance in the direction of resistance at 109.33, longer-term chart studies suggest bulls will likely remain in the driving seat for the time being.
As evident from the daily chart, Friday eked out a marginal close north of resistance at 105.04 and left nearby daily support unchallenged at 104.42. With trend studies on the daily timeframe also facing north and price remaining above the 200-day simple moving average at 103.03, this market currently favours technical buying.
Given the analysis, buyers could find acceptance above 105.04 resistance on the daily chart this week and attempt to approach another layer of daily resistance at 105.76.