- Analytics
- News and Tools
- Market News
- US Dollar Index Price Analysis: DXY bulls brace for fresh 2021 high
US Dollar Index Price Analysis: DXY bulls brace for fresh 2021 high
- DXY crossed monthly horizontal resistance, firmer of late.
- Sustained trading beyond key SMAs, bullish MACD signals favor buyers.
- Multiple bottoms around 95.85 add to the downside filters.
US Dollar Index (DXY) stays firmer, keeping Friday’s bullish breakout of monthly resistance near 96.70 during Monday’s Asian session.
In addition to the previous resistance breakout, bullish MACD signals and firmer RSI line, not overbought, also signal the greenback gauge’s further advances.
However, the 96.80 and the 97.00 levels may offer intermediate halts during the quote’s anticipated rally towards the 97.55 mark comprising 61.8% Fibonacci Expansion (FE) of November 09-30 moves.
Meanwhile, corrective pullback remains elusive until the quote stays beyond the resistance-turned-support near 96.60, a break of which will direct DXY towards a 100-SMA level of 96.25.
It should be noted, however, that a horizontal line from December 08 and 200-SMA, respectively near 95.85 and 95.70, will test the US Dollar Index bears afterward.
To sum up, DXY crossed the key hurdle to refresh the yearly top but further gains need validation.
DXY: Four-hour chart
Trend: Further upside 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
