The greenback, in terms of the US Dollar Index (DXY), is slightly into the negative ground early in the European session on Friday around the 96.50/60 band. What is next? The latest 17 August US Dollar Index Technical Outlook reveals.
17 August, OctaFX – The index is correcting lower for the second session in a row on Friday, prolonging the rejection from fresh 2018 tops in the 97.00 neighbourhood seen earlier in the week.
US Dollar looks to risk trends, data
The selling bias remains well and sound around the greenback today, all against the backdrop of somewhat diminishing concerns over the US-China trade dispute following the announcement that US and China will meet later in the month in order to resume the trade talks.
Looking ahead, advanced figures for US Consumer Sentiment for the month of August will be the only release of note today, although market participants should remain focused on headlines from the EM FX space as the main driver of the price action.
17 August US Dollar Index Technical Outlook
As of writing the index is down 0.06% at 96.52 and faces immediate contention at 95.92 (10-day SMA) seconded by 95.26 (21-day SMA) and finally 94.08 (low Jul.26).
On the upside, a break above 96.98 (2018 high Aug.15) would open the door to 97.00 (psychological level) and then 97.87 (61.8% Fibo of the 2017-2018 drop).
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