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- US Dollar Index Price Index: DXY bounces off 50-SMA, probes weekly support break
US Dollar Index Price Index: DXY bounces off 50-SMA, probes weekly support break
- DXY recovers from intraday low during two-day downtrend.
- Clear downside break of short-term support line, RSI retreat keep sellers hopeful.
- 100-SMA, five-week-old resistance line adds to the upside filters.
US Dollar Index (DXY) consolidates recent losses around 95.52, down 0.08% intraday during early Thursday morning in Europe.
In doing so, the greenback gauge bounces off 50-SMA but keeps the previous day’s downside break of a one-week-old support line, now resistance line around 95.66.
Given the downward sloping RSI line, DXY is likely to remain weak even if it manages to cross the stated immediate trend line hurdle of 95.66.
That said, the 100-SMA and a descending resistance line from December 15, respectively around 95.75 and 96.10, become the key challenges for the US Dollar Index.
Alternatively, a clear downside break of the 50-SMA level of 95.40 won’t hesitate to challenge the monthly low of 94.62.
It’s worth observing that the 95.00 threshold will give an intermediate halt during fall between 95.40 and 94.62 whereas October’s peak of 94.56 acts as an extra filter towards the south.
To sum up, US Dollar Index remains bearish despite the recent corrective pullback from the intraday low.
DXY: Four-hour chart
Trend: Further weakness expected
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