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The Dollar Index (#USDX) is under downward pressure after the US Federal Reserve announced its monetary policy decision. The FOMC)decided that it will keep the interest rate unchanged within the target range of 0-0.25.
Some of the comments were optimistic and others were not welcomed by investors.
The #USDX reacted negatively, for example Fed's Chairman Jerome Powell said that the regulator is monitoring inflation very carefully, and also believes that the Fed will make good progress in the next two years towards maximum employment. And he added that it is inappropriate to think about raising interest rates at this time, so the Fed is examining asset purchases instead.
At the technical level, at the time of the announcement, the US dollar rose in response and went to test the break of the ascending wedge technical pattern, but it could not stay above it, and there was a negative turn. All in all, the index closed the day with the formation of a Pinbar candle, and thus the new bearish sequence would be confirmed for the next few days.
According to the chart, you can see that the #USDX has broken and made the pullback below the bullish wedge pattern, which would give a negative outlook for the US dollar for the next few days.
This would be negative for the American dollar as investors would leave the greenback as a safe haven and would turn to riskier assets such as cryptocurrencies, and the main currency crosses among others.
For example, after this announcement the Euro peaked at 1.1855, the British pound peaked at 1.3927 and many other currencies that trade against the US dollar have strengthened.
Our recommendation is to sell the US dollar index as long as it is below the 21 SMA located at 92.50, with targets at the 91.40 zone of the 200 EMA. The eagle indicator is showing a bearish signal for the short term.
Support and Resistance Levels for July 29 - 30, 2021
Resistance (3) 92.84
Resistance (2) 92.61
Resistance (1) 92.40
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Support (1) 92.06
Support (2) 91.82
Support (3) 91.45
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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