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Trading Signal for US Dollar Index #USDX, for August 12 - 13, 2021: Sell below 92.96

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On the 4-hour chart, the Dollar Index (#USDX) is trading below the 21 SMA, having formed a double-top technical pattern at the 93.17 level.

The first touch of the top was made on July 21 when it negotiated at 93.17. Then from that point it fell back to the 91.75 zone. The next touch of the second top was done yesterday, August 11, when it reached 93.17, thus confirming a reversal pattern.

The signal of this double-top pattern could have a negative impact on the strength of the US dollar. If it consolidates below the high of 93.17, we expect a fall to the support zone of the 200 EMA located at 92.44.

The 21-period moving average located at 92.96 acts as a pressure line. As long as the USDX remains below this level, there is a strong probability of a technical correction towards the 92.40 level. If the downward force prevails, it could get towards the 6/8 Murray line around 92.18.

On a fundamental level, the data on the Consumer Price Index (CPI) in the United States for July, especially in the underlying figures, supported the Fed's opinion that inflation is transitory. The Fed has been repeating this discourse for several months that inflation should not worry the market.

Once this data was known, the Dollar Index made a correction. Since the market had already discounted this fact, it is likely that the US dollar will consolidate below 93.17 and above 92.43 in the coming days.

Support and Resistance Levels for August 12 - 13, 2021

Resistance (3) 93.52

Resistance (2) 93.34

Resistance (1) 93.13

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Support (1) 92.71

Support (2) 92.46

Support (3) 92.30

The material has been provided by InstaForex Company - www.instaforex.com