- Analytics
- News and Tools
- Market News
- US Dollar Index Price Analysis: 50-DMA tests bears around one-month low
US Dollar Index Price Analysis: 50-DMA tests bears around one-month low
- DXY remains pressured around multi-day low as sellers attack the key support.
- Bearish MACD signals, clear downside break of seven-week-old ascending trend line keep sellers hopeful.
- Further downside will aim for 94.85-80 strong support, 21-DMA guards immediate upside.
US Dollar Index (DXY) remains pressured around late November levels, close to 95.60, during Monday’s Asian session.
In doing so, the greenback gauge keeps Friday’s downside break of the previously important support line from November 16, now resistance around 95.85.
The trend line breakdown gets support from the bearish MACD signals and repeated failures to cross the 21-DMA to suggest further downside of the US Dollar Index.
That said, the November 12-15 lows near the 95.00 threshold may offer an intermediate halt during the gauge’s anticipated plunge to 94.85-80 zone comprising an ascending support line from early September and a three-month-long previous resistance line
Alternatively, recovery moves need to cross the support-turned-resistance line near 95.85 to recall the buyers.
Even so, a convergence of the 21-DMA and descending resistance line from December 15, around 96.20, will challenge the DXY’s further upside.
DXY: Daily chart
Trend: Further weakness 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
