<p>On the daily chart below, we can
see that the price has eventually break above the downward <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a>, but the buyers couldn’t extend
the rally much as the sellers are leaning on the red long period <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
average</a>. The US Dollar is under pressure as the market expects the Fed to cut
interest rates as soon as June and lead to big cuts before the end of the year.
</p><p>We also have a tentatively
positive risk sentiment as the central banks took emergency measures to calm the
markets amid the troubles in the banking sector. It’s all about the sentiment
lately and it can turn on a dime, so make sure to follow <a target=“_blank“ href=“https://www.forexlive.com“ target=“_blank“ rel=“follow“>forexlive</a> to never miss a beat. </p><p>On the 4 hour chart below, we can
see that the buyers are struggling at the 0.67 handle as the sellers are
fighting hard to defend that level. The buyers are nevertheless leaning on the
red long period moving average, but it’s likely that the next direction will be
decided by the <a target=“_blank“ href=“https://www.forexlive.com/EconomicCalendar“>FOMC
decision tomorrow</a> where the Fed is expected to deliver a dovish 25
bps hike. </p><p>In case the Fed decides to push
back against the market pricing and keep with its tightening plan, we may see
the greenback coming back strongly. </p><p>On the 1 hour chart below, we can
see that the price got stuck in a box around the 0.67 handle. For the buyers, a
break above the box would give more control and we should see a rally towards
the next <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> at 0.6781. For the sellers, a
break below the box would give more conviction, and may lead to a fall below
the trendline to invalidate the change in trend and resume the original
downtrend. </p>
see that the price has eventually break above the downward <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a>, but the buyers couldn’t extend
the rally much as the sellers are leaning on the red long period <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
average</a>. The US Dollar is under pressure as the market expects the Fed to cut
interest rates as soon as June and lead to big cuts before the end of the year.
</p><p>We also have a tentatively
positive risk sentiment as the central banks took emergency measures to calm the
markets amid the troubles in the banking sector. It’s all about the sentiment
lately and it can turn on a dime, so make sure to follow <a target=“_blank“ href=“https://www.forexlive.com“ target=“_blank“ rel=“follow“>forexlive</a> to never miss a beat. </p><p>On the 4 hour chart below, we can
see that the buyers are struggling at the 0.67 handle as the sellers are
fighting hard to defend that level. The buyers are nevertheless leaning on the
red long period moving average, but it’s likely that the next direction will be
decided by the <a target=“_blank“ href=“https://www.forexlive.com/EconomicCalendar“>FOMC
decision tomorrow</a> where the Fed is expected to deliver a dovish 25
bps hike. </p><p>In case the Fed decides to push
back against the market pricing and keep with its tightening plan, we may see
the greenback coming back strongly. </p><p>On the 1 hour chart below, we can
see that the price got stuck in a box around the 0.67 handle. For the buyers, a
break above the box would give more control and we should see a rally towards
the next <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> at 0.6781. For the sellers, a
break below the box would give more conviction, and may lead to a fall below
the trendline to invalidate the change in trend and resume the original
downtrend. </p>
This article was written by ForexLive at www.forexlive.com.