US Dollar Index Price Analysis: Short-term target emerges at 107.00
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE and login below to read further [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
Join our telegram group: https://t.me/nehcapmeta
- DXY keeps the weekly bounce well in place near 106.80.
- Extra upside appears likely once 107.00 is surpassed.
The pair currently trades last at 106.71.
The previous day high was 106.94 while the previous day low was 106.32. The daily 38.2% Fib levels comes at 106.56, expected to provide support. Similarly, the daily 61.8% fib level is at 106.7, expected to provide support.
DXY quickly fades Tuesday inconclusive price action and resumes the upside to the upper end of the recent range near 106.80.
The continuation of the upside momentum could extend to the August high near the 107.00 mark (August 5). The breakout of this level should motivate the index to challenge the post-FOMC meeting high at 107.42 (July 27).
Looking at the broader scenario, the bullish view in the dollar remains in place while above the 200-day SMA at 100.22.
Technical Levels: Supports and Resistances
EURUSD currently trading at 106.71 at the time of writing. Pair opened at 106.46 and is trading with a change of 0.23 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 106.71 |
| 1 | Today Daily Change | 49.00 |
| 2 | Today Daily Change % | 0.23 |
| 3 | Today daily open | 106.46 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 106.23, 50 SMA 105.74, 100 SMA @ 103.73 and 200 SMA @ 100.11.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 106.23 |
| 1 | Daily SMA50 | 105.74 |
| 2 | Daily SMA100 | 103.73 |
| 3 | Daily SMA200 | 100.11 |
The previous day high was 106.94 while the previous day low was 106.32. The daily 38.2% Fib levels comes at 106.56, expected to provide support. Similarly, the daily 61.8% fib level is at 106.7, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 106.2, 105.94, 105.57
- Pivot resistance is noted at 106.83, 107.2, 107.46
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 106.94 |
| Previous Daily Low | 106.32 |
| Previous Weekly High | 106.81 |
| Previous Weekly Low | 104.64 |
| Previous Monthly High | 109.29 |
| Previous Monthly Low | 104.69 |
| Daily Fibonacci 38.2% | 106.56 |
| Daily Fibonacci 61.8% | 106.70 |
| Daily Pivot Point S1 | 106.20 |
| Daily Pivot Point S2 | 105.94 |
| Daily Pivot Point S3 | 105.57 |
| Daily Pivot Point R1 | 106.83 |
| Daily Pivot Point R2 | 107.20 |
| Daily Pivot Point R3 | 107.46 |
[/s2If]
