19 Sep 2019
US Dollar Index technical analysis: DXY waiting for a catalyst
- The Greenback is trapped in a triangle pattern as the market is waiting for a catalyst.
- The level to beat for bulls is the 98.55/98.66 resistance zone.
DXY daily chart
DXY (US Dollar Index) is trading in a bull trend above its main daily simple moving averages (DSMAs). In the last two weeks, the Greenback has been trading in a trading range revolving around the 98.40 level.
DXY four-hour chart
DXY is ranging above the 98.20 support and the 200 SMA. DXY is forming a triangle pattern with a potential breakout in either direction, although the primary bias is to the upside.
DXY 30-minute chart
DXY bulls would need a break above the 98.55/98.68 resistance zone to pull away from the triangle pattern. On the flip side, bears need to overcome the 98.20/98.00 support zone.
Additional key levels