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2 Aug 2021

US Dollar Index Price Analysis: DXY stays defensive below 200-SMA

  • US Dollar Index fades recovery moves from monthly low.
  • Downbeat Momentum line, failures to cross 61.8% Fibonacci retracement level favor sellers.
  • 200-DMA, short-term descending trend line add to the upside filters.

US Dollar Index (DXY) remains pressured around 92.07 amid Monday’s Asian session. In doing so, the greenback gauge fails to extend Friday’s recovery moves from the monthly low by stepping back from the 61.8% Fibonacci retracement (Fibo.) level of the late June-July upside.

Considering the Momentum line’s failure to keeps a two-week-old resistance breakout, coupled with DXY’s weakness below the key Fibo. level and 200-SMA, the quote is likely to stay weak.

That said, the 92.00 threshold can offer immediate support to the gauge whereas a descending support line from July 22, near 91.70, should challenge the bears before directing them to the late July’s low near 91.50.

Meanwhile, 61.8% Fibo. and 200-SMA, respectively around 92.15 and 92.30 can challenge short-term recovery moves of the DXY.

Even if the quote rises past 92.30 a descending resistance line from July 21, near 92.60 should be watched closely.

DXY: Four-hour chart

Trend: Pullback expected

 

Aug 2, 2021

GBP/CAD Price Analysis: Bears seek deeper correction, bulls eye daily extension

GBP/CAD is offering prospects of a near term day trade to the downside on a break of hourly support prior to a high probability of a bullish continuat
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Aug 2, 2021

AUD/JPY stays near 80.50 post-Aussie data, China PMI awaited

After posting losses in the previous week, AUD/JPY is moving in a close trading band in the Asian session. The cross is struggling near the 84.50 mark
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