Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Indices

DXY: Bearish crossover on the day – OCBC

Source Fxstreet

US Dollar (USD) longs continue to unwind as tariff concerns fade. DXY was last at 106.84 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Risk remains skewed to the downside

"Prospects of a Ukraine peace deal as well as a re-rating of Chinese tech stocks also helped to support sentiments while counter-cyclical USD comes under pressure. A potential meeting between President Xi and prominent Chinese tech entrepreneurs, Jack Ma and DeepSeek founder Liang Wenfeng is perceived as a positive signal."

"Markets are hoping that the outcome of the meeting shows Xi’s support for private sector and/or AI developments. Last Fri, US retail sales disappointed, further adding to USD woes."

"Daily momentum is bearish while RSI fell. Bearish crossover observed (21 DMA cuts 50 DMA to the downside). Risk remains skewed to the downside. Support at 106.20/40 levels (100 DMA, 38.2% fibo retracement of Oct low to Jan high). Resistance at 107.80 (23.6% fibo), 108.00/10 (21, 50 DMAs), and 108.50 levels."

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Bitcoin loses $73,000 as US-Iran escalation, ETF outflows deepen crypto market sell-off The broader cryptocurrency market is down $2.45 trillion on Thursday, from $2.54 trillion the previous day, led by Bitcoin’s (BTC) decline below $73,000.

Author FXStreet

May 28, Thu

The broader cryptocurrency market is down $2.45 trillion on Thursday, from $2.54 trillion the previous day, led by Bitcoin’s (BTC) decline below $73,000.

Bitcoin Price Forecast: BTC risks losing $70,000 as AI and chip rally steal the spotlight Bitcoin (BTC) edges below $73,000 at press time on Monday, extending its decline under the prevailing downside pressure from three consecutive weeks of losses.

Author FXStreet

Jun 01, Mon

Bitcoin (BTC) edges below $73,000 at press time on Monday, extending its decline under the prevailing downside pressure from three consecutive weeks of losses.

Gold declines below $4,500 as Iran tensions stoke inflation fears and bolster Fed hike bets Gold price (XAU/USD) declines to around $4,485 during the early Asian session on Tuesday. The precious metal loses ground as renewed tensions in the Middle East continue to fuel concerns over inflation and expectations of elevated interest rates.

Author FXStreet

Jun 02, Tue

Gold price (XAU/USD) declines to around $4,485 during the early Asian session on Tuesday. The precious metal loses ground as renewed tensions in the Middle East continue to fuel concerns over inflation and expectations of elevated interest rates.

WTI rises to near $93.00 as Iran launches missiles toward Kuwait, Bahrain West Texas Intermediate (WTI) gains ground for the third successive day, trading around $92.90 per barrel during the Asian hours on Wednesday.

Author FXStreet

22 hours ago

West Texas Intermediate (WTI) gains ground for the third successive day, trading around $92.90 per barrel during the Asian hours on Wednesday.

Forex Today: US Dollar stays resilient ahead of key US data Here is what you need to know on Wednesday, June 3:

Author FXStreet

13 hours ago

Here is what you need to know on Wednesday, June 3:

Related Instrument