The greenback, tracked by the US Dollar Index (DXY), is struggling for direction in the 94.50/60 are after briefly testing lows near 94.45. What’s next? This 25 July US Dollar Index Technical Outlook explains.
25 July, OctaFX – The index is down for the second session in a row so far on Wednesday, coming down after testing weekly tops around 94.90 on Tuesday.
The correction lower in the buck comes along a drop in yields of the key US 10-year note to sub-2.94% level after climbing as high as above the 2.97% region during yesterday’s session.
US Dollar looks to trade, data
DXY is trading in a cautious mode amidst the ongoing US-China trade dispute and ahead of the key meeting between President Trump and EC’s J.C.Juncker today in Washington, with potential US tariffs on cars in centre stage.
In the US docket, June’s New Home Sales are due later in the NA session followed by the weekly report on US crude oil inventories by the EIA.
25 July US Dollar Index Technical Outlook
As of writing the index is up 0.01% at 94.61 and a breakout of 94.85 (high Jul.24) would target 95.53 (high Jun.28) en route to 95.65 (2018 high Jul.19).
On the other hand, the initial resistance aligns at 94.27 (55-day sma) followed by 94.21 (low Jul.23) and finally 93.71 (low Jul.9).
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