US Dollar Index technical analysis: DXY tumbles on poor US ISM Manufacturing PMI

DXY (US Dollar Index) is losing steam after reaching new 2019 highs.
Key support is now at 98.94, followed by 98.68 on the way down.
Big disappointment from ISM Manufacturing PMI, a strong negative signal for United States jobs report.

Flavio Tosti Independent Analyst

DXY daily chart

DXY (US Dollar Index) is trading in a bull trend above the main daily simple moving averages (DSMAs) as the market printed a new 2019 high at 99.38. FXStreet's Jordi Martinez explains: "The Employment Index in the ISM Manufacturing PMI survey plunged in August to 47.4, falling well below the neutral 50 level from the 51.2 printed in July." Regarding the Nonfarm Payrolls, he also adds: "This report shows a very strong negative signal for next Friday's US employment report".

DXY four-hour chart

This Tuesday, the Greenback lost some steam as it was unable to reach the 99.45 level. Bulls will have to reclaim the 99.28 and 99.45 resistances if they want to continue their ascent.

DXY 30-minute chart

DXY decelerated to 98.94 support while trading below the 50 and 100 SMAs, suggesting a correction down in the short term. Bears will need to overcome the 98.94 and the 98.68 support levels.

Additional key levels

Dollar Index Spot

Overview
Today last price	98.97
Today Daily Change	-0.07
Today Daily Change %	-0.07
Today daily open	99.04

Trends
Daily SMA20	98.07
Daily SMA50	97.58
Daily SMA100	97.52
Daily SMA200	97.07

Levels
Previous Daily High	99.13
Previous Daily Low	98.81
Previous Weekly High	99.02
Previous Weekly Low	97.62
Previous Monthly High	99.02
Previous Monthly Low	97.21
Daily Fibonacci 38.2%	99.01
Daily Fibonacci 61.8%	98.93
Daily Pivot Point S1	98.86
Daily Pivot Point S2	98.67
Daily Pivot Point S3	98.54
Daily Pivot Point R1	99.18
Daily Pivot Point R2	99.31
Daily Pivot Point R3	99.5

Author

Flavio Tosti

Independent Analyst

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