US Dollar Index Technical Analysis: Rising wedge can send DXY down to 97.00 figure

US Dollar Index (DXY) daily chart

• DXY is trading in a bull trend above the 50, 100 and 200-day simple moving averages (SMAs).
• DXY broke above the 97.00 figure as bulls are targeting the 2018 high. 
• The RSI, MACD and Stochastic indicators are bullishly configured. 

DXY 4-hour chart

• DXY is a the top of a bullish channel while the market formed a rising wedge. While a spike to 97.70 (2018 high) can still potentially be on the cards, the current market structure suggests a bullish exhaustion in the coming sessions.
• The RSI and MACD are bullishly configured while the Stochastic indicator is in the overbought zone. 
• A failure below the 2018 high would likely see a retest of the 97.00 figure. 

DXY 30-minute chart

• The lower time-frames are still quite bullish with DXY above the 50, 100 and 200 SMAs. 

Additional key levels