- Analytics
- News and Tools
- Market News
- US Dollar Index Price Analysis: 94.00 becomes a tough nut to crack for DXY bulls
US Dollar Index Price Analysis: 94.00 becomes a tough nut to crack for DXY bulls
- DXY grinds higher following its bounce off three-week low.
- Short-term moving averages, seven-week-old previous support line probe upside amid bearish MACD signals.
US Dollar Index (DXY) bulls pause around 93.75 after the strongest up-move in over a week. That being said, the greenback gauge seesaws in a choppy range, following its U-turn from the monthly low, by the press time of Friday’s Asian session.
Although monthly horizontal support triggered the DXY rebound, a confluence of 10-DMA and 21-DMA, as well as the support-turned-resistance line from early September, offer a strong resistance around the 94.00 threshold.
Also challenging the upside momentum are the bearish MACD signals and 23.6% Fibonacci retracement level (Fibo.) of September-October advances.
Hence, US Dollar Index buyers need validation from the 94.00 round figure for conviction, a break of which will challenge the monthly peak of 94.56.
Alternatively, a downside break of the stated horizontal support near 93.50 won’t hesitate to recall the DXY sellers targeting 61.8% Fibo. near 92.95. It’s worth noting that the 93.00 round figure may add strength to the stated support.
US Dollar Index: Daily chart
Trend: Pullback expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
