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- US Dollar Index Price Analysis: DXY prints three-day downtrend towards 96.30
US Dollar Index Price Analysis: DXY prints three-day downtrend towards 96.30
- DXY remains pressured around intraday low, consolidates Friday’s heavy gains.
- Bearish MACD favors further downside targeting 21-DMA.
- Ascending support line from late October becomes the key for sellers.
US Dollar Index (DXY) stays depressed around an intraday low of 96.41, down for the third consecutive day during early Wednesday.
In doing so, the greenback gauge extends the week’s start U-turn from a one-month-old resistance line amid bearish MACD signals, suggesting further weakness towards the immediate support.
That said, the 21-DMA level of 96.30 restricts the quote’s nearby declines ahead of a two-month-long support line near 96.10.
Also acting as a downside filter is an upward sloping trend line from November 16, around 95.80 by the press time.
Should the quote remains below 95.80, it becomes vulnerable to revisit the early November tops near 94.60.
Meanwhile, corrective pullback needs to cross the stated resistance line, near 96.65 at the latest, before challenging the monthly high of 96.91.
Even if the DXY bulls manage to cross the 96.91 hurdle, they need to portray a successful run-up beyond the 97.00 threshold to convince markets.
DXY: Daily chart
Trend: Further weakness expected
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