US Dollar Index Price Analysis: Decent support aligns at the 200-day SMA

The recent weakness in DXY met contention near 92.40.
A breach of this area could trigger further losses near-term.

Pablo Piovano FXStreet

Monday’s downtick in the dollar halted just ahead of the critical 200-day SMA in the 92.40 region.

While above this area, the near-term outlook for DXY is expected to remain constructive and allow for extra gains.

On the opposite side, a convincing return to the area below the 200-day SMA should negate the ongoing near-term positive stance and open the door to fresh weakness to, initially, 91.30 (March 18).

DXY daily chart

Dollar Index Spot

Overview
Today last price	92.74
Today Daily Change	25
Today Daily Change %	0.16
Today daily open	92.59

Trends
Daily SMA20	92.29
Daily SMA50	91.38
Daily SMA100	91.05
Daily SMA200	92.44

Levels
Previous Daily High	93.11
Previous Daily Low	92.54
Previous Weekly High	93.44
Previous Weekly Low	92.72
Previous Monthly High	93.44
Previous Monthly Low	90.63
Daily Fibonacci 38.2%	92.76
Daily Fibonacci 61.8%	92.89
Daily Pivot Point S1	92.39
Daily Pivot Point S2	92.18
Daily Pivot Point S3	91.82
Daily Pivot Point R1	92.95
Daily Pivot Point R2	93.32
Daily Pivot Point R3	93.52

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD trims gains, back to around 1.3500

GBP/USD now surrenders part of the earlier move to multi-week peaks around 1.3530 and comes close to the 1.3500 support on Monday. Cable’s uptick comes in tandem with decent gains in the Greenback, always amid persistent uncertainty lingering over the reopening of the Strait of Hormuz and US-Iran talks.

EUR/USD deflates to 1.1540

EUR/USD begins the week on the back foot, retesting the 1.1540 zone as the NA session draws to a close. The better tone in the US Dollar weighs on the risk complex, sparking the daily correction in spot, always on the back of unabated effervescence in the Middle East.

Gold clings to daily gains; focus is back to $4,400

Gold picks up pace and advances past the $4,350 mark per troy ounce, adding to Friday’s gains. That said, the yellow metal keeps pushing harder despite the better tone in the US Dollar, and is closely following the Fed’s interest-rate outlook as well as developments in the Middle East

Bitcoin vs Gold Overview: XAU tests breakout, BTC slides as Trump claims Iran negotiations

The cryptocurrency market shows signs of trimming gains accrued last week as Bitcoin (BTC) slides below $65,000 at the time of writing on Monday. Meanwhile, Gold (XAU/USD) maintains a bullish outlook, hovering above $4,350.

US Payrolls miss – RBA on deck tomorrow

It would be remiss of me not to kick off this morning’s report with a rundown of last Friday’s US jobs report, which was a belter. Headline payrolls fell by 23,000, versus expectations of an 80,000 gain. The BLS noted that May was revised down by 66,000 (from 129,000) and June by 37,000 (from 57,000), resulting in combined May-June revisions of 103,000 lower than previous reports.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.