The Dollar Index finished the first full week of October eking out marginal losses, falling -0.1% and snapping an 11-week winning streak. Technically
Dollar Index snaps 11-week winning streak; dip buying? speaking, though, the trend on both the monthly and daily timeframes continues to favour buying despite the decline seen in the second half of last week. Momentum also still leans in favour of buyers. The Relative Strength Index shows the index is demonstrating signs of bottoming ahead of the 50.00 centreline on the monthly chart, while the RSI on the daily chart has forged negative divergence out of overbought space.
3% lower, last week witnessed gains across major US equity indices. The S&P 500 snapped a 4-week losing streak and rebounded from channel support on the weekly timeframe, taken from the low of 3,491. Additional technical confluence underpinning price can be seen in the form of an equivalent AB=CD support structure at 4,272 and the Relative Strength Index showing signs of rebounding from the 50.00 centreline, as well as the overall trend facing higher.
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