US Dollar Index Technical Analysis: DXY flirting with the 2018 high

The US Dollar Index (DXY) is trading in a bull trend above the 200-day simple moving average.
DXY has been rebounding in the last three day from below 96.00. Bulls objective is to break above the 2018 high at 97.20. A break of the level would open the doors to 97.87 (June 20, 2017).
Alternatively, failure to recapture 97.20 can lead to a retracement to 96.00.

Flavio Tosti Independent Analyst

DXY daily chart

Trend: Bullish

Resistance 1: 97.00 August 15 high
Resistance 2: 97.20, 2018 high
Resistance 3: 97.87 June 20, 2017
Resistance 4: 98.00 figure

Support 1: 96.41 August 20 high
Support 2: 96.00 figure
Support 3: 95.65 multi-month resistance (key level)
Support 4: 95.52 August 6 high
Support 5: 95.24 July 13 high

Additional key levels at a glance:

Dollar Index Spot

Overview:
    Last Price: 96.93
    Daily change: 27 pips
    Daily change: 0.279%
    Daily Open: 96.66
Trends:
    Daily SMA20: 96.16
    Daily SMA50: 95.48
    Daily SMA100: 95.24
    Daily SMA200: 93.32
Levels:
    Daily High: 96.74
    Daily Low: 96.07
    Weekly High: 97.2
    Weekly Low: 95.99
    Monthly High: 97.2
    Monthly Low: 94.79
    Daily Fibonacci 38.2%: 96.48
    Daily Fibonacci 61.8%: 96.33
    Daily Pivot Point S1: 96.24
    Daily Pivot Point S2: 95.82
    Daily Pivot Point S3: 95.57
    Daily Pivot Point R1: 96.91
    Daily Pivot Point R2: 97.16
    Daily Pivot Point R3: 97.58

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.