7 Aug 2019
US Dollar Index technical analysis: DXY in wait-and-see mode, ending the day virtually unchanged near the 97.55 level
- DXY has been directionless this Wednesday as the market is weighing the impact of the trade war on US interest rates.
- Wall Street indices are about to end the day near daily highs giving some support to the buck.
- The level to beat for bulls are seen at 97.80, followed by 98.10 and 98.38 resistances.
DXY daily chart
DXY (US Dollar Index) is trading in a bull trend above its main daily simple moving averages (DSMAs). The greenback remains fragile as the threat of the US-China trade war keeps looming. US stock indices are currently trading near their daily highs somewhat supporting DXY for the time being.
DXY 4-hour chart
DXY found support at the 96.30 support above the 200 SMA, creating a small double bottom. The bulls need a clear breakout above to 97.80 resistance to recapture the 98.10 level near the 50 SMA followed by 98.36 resistance.
DXY 30-minute chart
The greenback has been consolidating its recent losses for the second consecutive day. A daily close below 97.15 would be seen as a potential bearish continuation towards the 97.00 figure.
Additional key levels