US Dollar Index Technical Analysis: Bulls support DXY above 100-day simple moving average for second consecutive day

• The US Dollar Index (DXY) is trading in a bull trend but the Greenback has made no progress since late May.
• DXY has formed a head-and-shoulder bearish pattern while it is trading below the 50-day simple moving average and the bull trendline (blue line). Bulls are supporting the market just above the 94.43-51 zone (August 28 swing low and 100-day simple moving average) for the second consecutive day. The RSI, MACD and Stochastics indicators are bearishly configured suggesting lower prices ahead.
• In the absence of a bull breakout above 95.65 (July 19 high) DXY is set to continue the slide down towards 93.71 (July 9 swing low).

DXY daily chart

Spot rate:                 94.53
Relative change:     -0.11%
High:                        94.73
Low:                         94.32

Trend:                      Bullish
Short-term:              Bearish below 95.65

Resistance 1:         94.91 July 27 high 
Resistance 2:         95.00 figure
Resistance 3:         95.24 July 13 high
Resistance 4:         95.52 August 6 high
Resistance 5:         95.65 July 19 high
Resistance 6:         96.00 figure
Resistance 7:         97.00, 2018 high

Support 1:               94.43-51 August 28 swing low, 100-day SMA
Support 2:               93.71 July 9 swing low
Support 3:               93.17 June 14 swing low
Support 4:               92.24 May 14 swing low