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- US Dollar Index Price Analysis: 10-DMA defends DXY bulls above 96.00
US Dollar Index Price Analysis: 10-DMA defends DXY bulls above 96.00
- DXY struggles for clear direction after the heaviest daily fall in a year.
- Bullish MACD signals, 10-DMA keep buyers hopeful, previous resistance from July adds to the downside filters.
US Dollar Index (DXY) stays firmer around 96.25 during Monday’s Asian session, consolidating the biggest daily loss of 2021.
In addition to the market’s consolidation, 10-DMA and bullish MACD signals also add to the DXY’s bullish bias, which in turn hints at the fresh run-up towards targeting the 96.65 horizontal hurdle.
It should be noted, however, that the latest high around 96.95 and the 97.00 will probe the US Dollar Index upside past 96.65. Following that, June 2020 peak surrounding 97.80 should lure the optimists.
Meanwhile, 10-DMA and the resistance-turned-support line from July 20, respectively around 96.20 and 95.60, will challenge the quote’s short-term declines.
Also acting as the key support level is September’s peak near 94.50, a break of which will roil the bullish trend, at least for a short term.
DXY: Daily chart
Trend: Bullish
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