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- US Dollar Index Price Analysis: Oversold RSI, monthly support tests DXY bears
US Dollar Index Price Analysis: Oversold RSI, monthly support tests DXY bears
- DXY pauses three-day downtrend, seesaws around weekly low.
- Break of 100, 200 HMAs favored bears earlier.
- Oversold RSI conditions may trigger corrective pullback, monthly support line also challenge further declines.
US Dollar Index (DXY) struggles to extend the previous three-day declines, taking rounds to 96.10 during Thursday’s Asian session. In doing so, the greenback gauge justifies the oversold RSI conditions near an ascending support line from November 30.
While the corrective pullback may initially aim for 96.20, a convergence of the 100 and 200-HMA around 96.35 becomes a tough nut to crack for the DXY bulls.
Should the quote rises past 96.30, the optimists won’t hesitate to challenge the descending resistance line from mid-December, around 96.55, a break of which will propel prices towards the monthly high of 96.91.
Alternatively, a clear downside break of the stated support line, around 95.95 by the press time, will direct the quote to December 16 lows near 95.85.
Following that, the November-end bottom of 95.55 and November 18 low near 95.50 will be important to watch for the bears.
DXY: Hourly chart
Trend: Corrective pullback expected
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