The US Dollar Index (DXY), which tracks the buck vs. a basket of its main rivals, remains on the defensive today, testing lows in the 94.30/20 band. What is next for the index? Gain insight into this 30 July US Dollar Index Technical Analysis.
30 July, GKFX – The greenback is now accelerating the decline, adding to Friday’s post-GDP drop, breaking below the interim support at the 5-day SMA (at 94.35) and threatening to challenge the key short-term support line at 94.20.
US Pending Home Sales expanded 0.9% in June
The greenback picks up further downside pace despite US Pending Home Sales expanded more than expected 0.9% during June and the Dallas Fed manufacturing index came in above estimates at 32.3 in July.
The down move in the index comes along a correction lower in yields of the key US 10-year note from daily highs in the 2.99% area, although they remain in the area of multi-week tops.
30 July US Dollar Index Technical Analysis
As of writing the index is down 0.43% at 94.28 and faces the next support at 94.19 (short-term support line) seconded by 94.08 (low Jul.26) and finally 93.71 (low Jul.9).
On the upside, a breakout of 94.91 (high Jul.27) would target 95.53 (high Jun.28) en route to 95.65 (2018 high Jul.19).
This article 30 July US Dollar Index Technical Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.