The bearish note remains unchanged around the US Dollar Index (DXY), which is now approaching the area of weekly lows in the 94.45/40 band. Looking ahead, what can traders expect next? Find out from today’s 30 August US Dollar Index Technical Analysis.
30 August, OctaFX – The index is losing ground since last Friday, although the broader decline navigates its third consecutive week so far following the ephemeral test of YTD peaks around the 97.00 mark recorded on August 15.
US Dollar Index focused on data
The better tone in the risk-complex, the re-emergence of jitters in the US political arena and easing concerns on the trade front have all collaborated with the buck’s decline as of late, dragging DXY to clinch fresh multi-week lows near 94.40.
Looking ahead, inflation figures tracked by the PCE, Personal Income/Spending and the usual weekly report on the labour market are all due later in the NA session.
30 August US Dollar Index Technical Analysis
As of writing the index is losing 0.01% at 94.53 and a break below 94.45 (low Aug.28) would open the door to 94.20 (38.2% Fibo of the 2017-2018 drop) and then 94.08 (low Jul.26). On the upside, the initial resistance emerges at 95.00 (55-day SMA) seconded by 95.17 (10-day SMA) and finally 95.71 (high Aug.23).
This article about 30 August US Dollar Index Technical Analysis 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.