| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Buy |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Neutral |
| Alligator(13;8;5) | Buy | Buy | Buy |
| SAR(0.02;0.2) | Sell | Buy | Sell |
| Aggregate | ⇒ | ⇗ | ⇒ |
The dollar index, which measures the US Dollar against a basket of major currencies, has been edging lower in a descending channel pattern since the end of November. The currency pair hit a six-month low at 96.04 during last week's trading sessions.
Currently, the Dollar.IDX/USD pair is testing a resistance level formed by the 200– hour simple moving average at 97.18.
From a theoretical point of view, the pair will make a brief downside movement within this week's trading sessions. The potential target will be at the 96.60 area.
However, given that the pair is trading near the upper line of the descending channel pattern, a breakout might occur in the nearest future.