The US Dollar Index climbs toward the 102.50 resistance level, supported by hawkish Fed rhetoric and technical positioning above the nine- and 50-day EMAs.
The index is rising for a second straight day near 102.40, holding above the nine- and 50-day EMAs with the RSI at 58, and eyes the symmetrical triangle top at 102.50 and the 19-month high of 102.94 from October 14. Hawkish comments by Fed's Goolsbee (FXS Speechtracker 8/10 vs 6.8 baseline) support tighter-for-longer expectations. Only a break below the 101.20-102.01 support confluence would flip the bias bearish toward 98.56.
The US Dollar Index (DXY) is extending gains for a second day, trading near 102.40 as it eyes the symmetrical triangle top at 102.50. Fed official Goolsbee’s hawkish commentary, which scored 8/10 on the FXS Speechtracker, has bolstered expectations for a tighter-for-longer policy stance. With the RSI at 58 and the index holding above key EMAs, the short-term trend remains bullish.
Resistance sits at the triangle top around 102.50 and then the 19-month high of 102.94 from October 14. Support lies at the nine-day EMA of 102.01, the 50-day EMA of 101.41 and the triangle floor near 101.20; a break below that zone would target the August 20 low of 98.56.
It is gaining for a second straight day in technically bullish territory above both the nine- and 50-day EMAs, and hawkish comments from Fed's Goolsbee about a 'real inflation issue' support tighter-for-longer policy expectations, which favours the Dollar.