US Dollar Index technical analysis: Dismal ISM Manufacturing PMI weighs on the Greenback

ISM Manufacturing PMI drops to 10-year lows and the Greenback fell.
DXY is retracing from a new 2019 high towards the 99.00 handle.

Flavio Tosti Independent Analyst

DXY daily chart

The US Dollar Index (DXY) is trading a bull trend above its main daily simple moving averages (DSMAs). The market almost hit the 2019 high at 99.38 before retreating slightly. In the New York session, the ISM Manufacturing PMI came in below expectations at 47.8 vs. 50.1 forecast. This was the worst reading since 2009 and sent the index lower.

DXY four-hour chart

DXY is pulling back down after hitting a new 2019 high at 99.67. The market is retracing potentially towards the 99.00 and 98.85 support area. A break below 98.85 can expose 98.30 on the way down.

DXY 30-minute chart

DXY is challenging the 200 SMA, suggesting a neutral/bearish bias in the short term. Immediate resistance is seen at the 99.30 price level.

Additional key levels

Dollar Index Spot

Overview
Today last price	99.1
Today Daily Change	-0.29
Today Daily Change %	-0.29
Today daily open	99.39

Trends
Daily SMA20	98.6
Daily SMA50	98.27
Daily SMA100	97.73
Daily SMA200	97.23

Levels
Previous Daily High	99.46
Previous Daily Low	99.05
Previous Weekly High	99.31
Previous Weekly Low	98.29
Previous Monthly High	99.46
Previous Monthly Low	97.99
Daily Fibonacci 38.2%	99.3
Daily Fibonacci 61.8%	99.21
Daily Pivot Point S1	99.14
Daily Pivot Point S2	98.89
Daily Pivot Point S3	98.73
Daily Pivot Point R1	99.55
Daily Pivot Point R2	99.71
Daily Pivot Point R3	99.96

Author

Flavio Tosti

Independent Analyst

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.