The US Dollar Index (DXY) is looking to extend the daily recovery after bottoming out in the 95.10 region early in the session. What is next? Take a look at today’s 22 August US Dollar Index Technical Outlook.
22 August, OctaFX – The buck suffered another blow after President Trump got involved in an accusation of conspiracy to influence an election following declarations of Trump’s former chair campaign P.Manafort and his personal lawyer M.Cohen on Tuesday.
The index tumbled further following this news, briefly hovering over the key support at 95.00 the figure, or multi-day lows, although managing to gather some buying interest soon afterwards.
US Dollar looks to FOMC, Trump
In the meantime, the buck remains in centre stage amidst the unabated US-China trade effervescence and renewed US political concerns with President Trump once again in the limelight.
Looking ahead, market participants will look for any hint of two more rate hikes at today’s FOMC minutes, while Existing Home Sales are expected to have expanded 0.6% MoM during July.
22 August US Dollar Index Technical Outlook
As of writing the index is up 0.02% at 95.27 facing the next support at 95.08 (low Aug.21) seconded by 94.99 (low Aug.8) and finally 94.89 (55-day SMA). On the other hand, a break above 95.43 (21-day SMA) would aim for 96.08 (10-day SMA) and then 96.98 (2018 high Aug.15).
This article about 22 August GBPUSD Technical Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.