Forex Daily Recap – US Dollar Index Slightly Up Amid Mixed Data

Despite an adverse July Trade Balance data release, the Aussie pair bulls continued upliftment for the third day in a row. Meantime, Fiber kept the downtrend intact today.
Nikhil Khandelwal
Pile of two dollar bills

US Dollar Index

The Greenback was trading almost near its opening level in the North American session. Today, the bulls remained in a constant tug-of-war with the bears amid mixed US economic data releases. Anyhow, the highly critical August ISM Non-Manufacturing PMI reported 56.4 points, a solid 4.44% higher than the 54.0 points estimate. Also, the ADP Employment Change rose 53K this time over the previous 142K statistics. Even the Q2 Unit Labor Costs, Non-Farm Productivity, and July MoM Factory Orders recorded upbeat data, pleasing the bulls.

US Dollar Index 1 Day 05 September 2019

On the other side of the equation, the downbeat Jobless data, Markit Services PMI, Markit PMI Composite ensured to entertain the bears.

On the technical side, the US Dollar Index continued to hover well above the green Ichimoku Clouds, strengthening the long term bulls. Today, the Greenback had moved above the base line. Nevertheless, the bulls were struggling to get away from the conversion line in order to confirm a positive trend.


Despite an adverse July Trade Balance data release, the Aussie pair bulls continued upliftment for the third day in a row. Notably, Australian July Import data stood near 3.0% while the Export data reported hardly 1.0%. In that way, the Trade Balance came out near 7,268 million over the market hopes of around 7,400 million. Somehow, the daily gains of the pair got capped near the sturdy 0.6818 resistance handle.

AUDUSD 1 Day 05 September 2019

Suppose if the pair bulls had marched triumphantly above the aforementioned resistance mark, then that would have activated the overhead SMA conflux. Meantime, the Stochastic Oscillator has knocked the over-bought level, looking for a rebound price action in the near term.


The Swiss Franc pair was forming a rising wedge bearish pattern since mid-August. Today, the USD/CHF pair was moving upwards in order to justify the rising wedge. Quite remarkably, the pair was trading well above all the significant SMAs, supporting the bulls. On further upward drift, the pair would have tested the sound 0.9873 resistance level.

USDCHF 240 Min 05 September 2019

On the fundamental side, the Switzerland Q2 Gross Domestic Product (GDP) data release was something quite crucial for the pair. Unfortunately, the Q2 YoY GDP came out 0.2%, 0.7% lower than the consensus estimate of 0.9%. Although the Q2 MoM GDP recorded upbeat data, the market appeared to ignore it and focus on the YoY data.


After reaching the 1.6070 mark last day, the Fiber had tested the overhead red Ichimoku Clouds. Anyhow, the EUR/USD pair had failed to make a triumphant march and rebounded to the downside. Today, the pair kept the downtrend intact and was heading southwards. It seemed like the overbought Stochastic Oscillator was playing its role in shedding the accumulated gains of the pair.

EURUSD 240 Min 05 September 2019

Earlier today, the German July MoM Factory Orders recorded lower than the market expectations. This Orders data came near -2.7% in comparison to the consensus estimate of -1.5%.

In the interim, the EUR/USD pair stood above the base line and the conversion line, developing a bearish sentiment. If the pair had moved further upside then, that would have opened fresh challenges on the overhead 100-day and 200-day SMAs.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.