US Dollar Index Technical Analysis: Rising wedge can send DXY down to 97.00 figure

Flavio Tosti Independent Analyst

US Dollar Index (DXY) daily chart

DXY is trading in a bull trend above the 50, 100 and 200-day simple moving averages (SMAs).
DXY broke above the 97.00 figure as bulls are targeting the 2018 high.
The RSI, MACD and Stochastic indicators are bullishly configured.

DXY 4-hour chart

DXY is a the top of a bullish channel while the market formed a rising wedge. While a spike to 97.70 (2018 high) can still potentially be on the cards, the current market structure suggests a bullish exhaustion in the coming sessions.
The RSI and MACD are bullishly configured while the Stochastic indicator is in the overbought zone.
A failure below the 2018 high would likely see a retest of the 97.00 figure.

DXY 30-minute chart

The lower time-frames are still quite bullish with DXY above the 50, 100 and 200 SMAs.

Additional key levels

Dollar Index Spot

Overview:
    Today Last Price: 97.36
    Today Daily change: 28 pips
    Today Daily change %: 0.288%
    Today Daily Open: 97.08
Trends:
    Previous Daily SMA20: 96.75
    Previous Daily SMA50: 95.92
    Previous Daily SMA100: 95.52
    Previous Daily SMA200: 93.76
Levels:
    Previous Daily High: 97.1
    Previous Daily Low: 96.66
    Previous Weekly High: 96.98
    Previous Weekly Low: 96.04
    Previous Monthly High: 97.2
    Previous Monthly Low: 94.79
    Previous Daily Fibonacci 38.2%: 96.93
    Previous Daily Fibonacci 61.8%: 96.83
    Previous Daily Pivot Point S1: 96.79
    Previous Daily Pivot Point S2: 96.51
    Previous Daily Pivot Point S3: 96.35
    Previous Daily Pivot Point R1: 97.23
    Previous Daily Pivot Point R2: 97.39
    Previous Daily Pivot Point R3: 97.67

Author

Flavio Tosti

Independent Analyst

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