US Dollar Index technical analysis: DXY slumps as NFP disappoints big time

  • The US Dollar Index (DXY) tumbled following the release of the US Nonfarm Payrolls (NFP). 
  • In May, the US only added 75k jobs vs. 185k forecast.
  • The prospects of a Fed’s rate cut is adding to the selling pressure.

DXY daily chart

The US Dollar Index (DXY) is in a bull trend above its 200 simple moving averages (SMAs). The market is testing the 200 SMA. 

DXY 4-hour chart

DXY is under bearish pressure below 96.74 and its main SMAs. Bears will be looking for a break below 96.40. The market can be drifting down towards 95.74 and 95.17. Resistances are seen at 96.74 and 97.00

Additional key levels

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