USD Index Price Analysis: Decent support remains at the 55-day SMA

DXY attempts a moderate recovery although it still trades below 104.00.
The 55-day SMA around 103.50 holds the downside so far.

Pablo Piovano FXStreet

DXY prints a decent rebound following Monday’s multi-week lows in the mid-103.00s.

Despite the daily bounce, the index remains under pressure and appears still supported by recent lows near 103.50, an area coincident with the provisional 55-day SMA. Below the latter, the dollar could slip back to the weekly low at 102.58 (February 14).

In the meantime, while below the 200-day SMA at 106.63, the outlook for the greenback is expected to remain negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	103.92
Today Daily Change	55
Today Daily Change %	0.29
Today daily open	103.62

Trends
Daily SMA20	104.5
Daily SMA50	103.47
Daily SMA100	104.55
Daily SMA200	106.84

Levels
Previous Daily High	104.39
Previous Daily Low	103.48
Previous Weekly High	105.89
Previous Weekly Low	104.05
Previous Monthly High	105.36
Previous Monthly Low	100.81
Daily Fibonacci 38.2%	103.83
Daily Fibonacci 61.8%	104.05
Daily Pivot Point S1	103.27
Daily Pivot Point S2	102.92
Daily Pivot Point S3	102.36
Daily Pivot Point R1	104.18
Daily Pivot Point R2	104.74
Daily Pivot Point R3	105.09

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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 drifts higher to near $5,000 on heightened US-Iran tensions

Gold price holds positive ground near $5,000 during the early Asian session on Friday. The precious metal edges higher as escalating tensions between the United States and Iran boost safe-haven demand. Traders brace for the preliminary reading of US Gross Domestic Product for the fourth quarter, the Personal Consumption Expenditures and the S&P Global Purchasing Managers Index data, which are due later on Friday.

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.