US Dollar Index Price Analysis: Potential consolidation very near-term

DXY failed to extend the recent bullish attempt beyond 90.60.
The leg lower could re-test the May lows in the mid-89.00s.

Pablo Piovano FXStreet

DXY trades unconvincingly above the key 90.00 barrier amidst rising cautiousness ahead of the release of US inflation figures on Thursday.

If the selling impulse picks up extra pace, then a re-test of the 90.00 mark should emerge on the horizon in the near-term. A breach of it should open the door to a deeper retracement to the May’s low near 89.50.

In the meantime, and looking at the broader scenario, while below the 200-day SMA, today at 91.60 the outlook for the buck is forecast to remain negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	90.11
Today Daily Change	22
Today Daily Change %	0.13
Today daily open	89.99

Trends
Daily SMA20	90.1
Daily SMA50	90.99
Daily SMA100	91.05
Daily SMA200	91.61

Levels
Previous Daily High	90.3
Previous Daily Low	89.92
Previous Weekly High	90.63
Previous Weekly Low	89.66
Previous Monthly High	91.44
Previous Monthly Low	89.54
Daily Fibonacci 38.2%	90.06
Daily Fibonacci 61.8%	90.15
Daily Pivot Point S1	89.83
Daily Pivot Point S2	89.68
Daily Pivot Point S3	89.45
Daily Pivot Point R1	90.22
Daily Pivot Point R2	90.45
Daily Pivot Point R3	90.61

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: Downward-sloping trendline near 1.3470 remains key barrier

The British pound faces selling pressure against its major currency peers, trading 0.1% lower at around 1.3420 against the US Dollar during the European trading session on Tuesday.

EUR/USD flatlines above 1.1500, awaits US jobs data

EUR/USD holds steady around 1.1505 in European trading hours on Tuesday. Markets remain cautious ahead of a slew of US jobs data, starting with the JOLTS Job Openings Survey later today. However, the downside appears capped by hot Eurozone inflation in July, bolstering the case for a European Central Bank rate hike at the next meeting.

Gold holds steady above $4,050; hawkish Fed bets favor bearish traders

Gold remains confined in a range below the $4,100 mark through the early European session as traders opt to wait for further developments surrounding the Middle East crisis. Meanwhile, the uncertainty over US-Iran peace talks continues to act as a tailwind for the safe-haven US Dollar.

Aave: Bearish RSI divergence risks a 20% drop despite steady DeFi deposits

Aave (AAVE) extends a mild near-term recovery on Tuesday, holding above its 50-day Exponential Moving Average at $90.80. Aave protocol’s V3 deployment on Monad blockchain recorded over $500 million in deposits over the last month, reflecting increased user adoption.

US JOLTs report in focus

In the US, the June JOLTs report will be in the spotlight. Job openings have increased modestly this year, which has historically predicted rising wage cost pressures ahead. June trade balance data will also be released in the afternoon and the preliminary reading pointed towards a stable trade deficit from May. The Fed's Schmid (non-voter, hawk) will be on the wires overnight.

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.