US Dollar Index: Bulls need a boost or else Head-and-Shoulders and break below 100-day simple moving average can hurt DXY
|- The US Dollar Index is trading in a bull trend but DXY has made no progress since late May.
- DXY bulls are managing to support the market just above 94.43-45 the August 28 swing low and the 100-day simple moving avearge (SMA).
- However, the head-and-shoulders pattern (bearish) along with the negative readings on the RSI, MACD and Stochastics indicators would require strong action from the bulls in order for the market to not continue sliding down below 94.43-45.
DXY daily chart
Spot rate: 94.51
Relative change: -0.50%
High: 94.97
Low: 94.44
Trend: Bullish
Short-term: Bearish below 95.65
Resistance 1: 94.91 July 27 high
Resistance 2: 95.00 figure
Resistance 3: 95.24 July 13 high
Resistance 4: 95.52 August 6 high
Resistance 5: 95.65 July 19 high
Resistance 6: 96.00 figure
Resistance 7: 97.00, 2018 high
Support 1: 94.43-45 August 28 swing low, 100-day SMA
Support 2: 93.71 July 9 swing low
Support 3: 93.17 June 14 swing low
Support 4: 92.24 May 14 swing low
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