Source: PaxForex Premium Analytics Portal, Technical Insight
The dollar dropped to a three-week low on Tuesday, sterling hit a near three-year high, and commodity currencies rose as progress on vaccinations and investors' hopes for a global economic recovery. The dollar index to a basket of major currencies was down 0.2% to 90.299. The euro rose 0.08% to $1.2137. Investors are weighing whether the U.S. will be the sole leader of the recovery, which will support the dollar, or whether it will be broader - and that will be negative for the dollar.
Dow Jones 30, H4
Pivot: 31671.00
Analysis:
Provided that the index is traded above 31300.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 31671.00
- Take Profit 1: 32100.00
- Take Profit 2: 32300.00
Alternative scenario:
In case of breakdown of the level 31300.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 31300.00
- Take Profit 1: 30700.00
- Take Profit 2: 29960.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 32500.00 | 31300.00 |
| 32300.00 | 30700.00 |
| 32100.00 | 29960.00 |
Dow Jones 30, D1
Pivot: 31670.00
Analysis:
While the price is above 29700.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 31670.00
- Take Profit 1: 33000.00
- Take Profit 2: 33450.00
Alternative scenario:
If the level 29700.00 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 29700.00
- Take Profit 1: 28480.00
- Take Profit 2: 26100.00
Comment:
RSI is bullish and indicates a mid-term uptrend.
Key levels:
| Resistance | Support |
| 34000.00 | 29700.00 |
| 33450.00 | 28480.00 |
| 33000.00 | 26100.00 |
