US Dollar Index technical analysis: DXY under pressure nearing three-day lows

Weaker-than-expected data in the United States is weighing on the Greenback.
The level to beat for bears is the 99.00 figure.

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). In the New York session, the ADP, the forerunner of the Nonfarm Payrolls on Friday, disappointed the market with only 135k vs. 140k expected in September. This adds to the negative sentiment on the Greenback which started on Tuesday after 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 retracing down after hitting a new 2019 high at 99.67. The market is challenging the 99.00 figure. A break of the level can lead to 98.85 support area and potentially to 98.30 if the bears gather enough steam.

DXY 30-minute chart

DXY is trading below its main SMAs, suggesting a bearish bias in the short term. Immediate resistance is seen at the 99.30 price level and 99.67 (2019 high).

Additional key levels

Dollar Index Spot

Overview
Today last price	99.01
Today Daily Change	-0.15
Today Daily Change %	-0.15
Today daily open	99.16

Trends
Daily SMA20	98.61
Daily SMA50	98.3
Daily SMA100	97.74
Daily SMA200	97.24

Levels
Previous Daily High	99.67
Previous Daily Low	99.07
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%	99.44
Daily Pivot Point S1	98.93
Daily Pivot Point S2	98.7
Daily Pivot Point S3	98.33
Daily Pivot Point R1	99.53
Daily Pivot Point R2	99.9
Daily Pivot Point R3	100.13

Author

Flavio Tosti

Independent Analyst

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