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22 Jan 2020

US Dollar Index Price Analysis: Bullish inverted head-and-shoulders structure ahead of ECB

The inverse head-and-shoulders formation is set to lead to a bullish extension.
Bullish targets can be located near 97.85 and 98.20 levels.

DXY daily chart

The US Dollar Index (DXY) is trapped between the 50 and 200-day simple moving average (SMA) while trading within a rising wedge channel. On Thursday, the market will be focusing on the ECB monetary policy statement.

DXY four-hour chart

DXY is trading above its main simple moving averages (SMAs) and an ascending trendline, suggesting a bullish bias in the medium term. The buck is also in an inverted head-and-shoulder formation and DXY is set to remain bullish while trading above the right shoulder and the 97.20/10 support zone. If buyers lift the market they could reach the 97.85 and 98.20 levels on the way up.

Additional key levels

Jan 22, 2020

Poloz speech: Balance of risks did not warrant cutting rates at this time

Bank of Canada (BoC) Governor Stephen S. Poloz and Senior Deputy Governor Carolyn A. Wilkins are now delivering their remarks on the monetary policy o

Poloz speech: Consumer confidence may have bottomed sometime in December

Bank of Canada (BoC) Governor Stephen S. Poloz and Senior Deputy Governor Carolyn A. Wilkins are now delivering their remarks on the monetary policy o