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- US Dollar Index Price Analysis: DXY eases below 97.00 inside broad rising wedge
US Dollar Index Price Analysis: DXY eases below 97.00 inside broad rising wedge
- US Dollar Index retreats from short-term key resistance but bulls keep reins.
- 21-DMA, 13-day-old support line restricts nearby downside, 95.45 becomes crucial support.
- June 2020 peak adds to the upside filters beyond the latest top.
US Dollar Index (DXY) bulls seem running out of steam as the quote remains dull around 96.75 during Tuesday’s Asian session, easing from a five-month-old rising wedge’s upper line of late.
The pullback moves, however, fail to gain support from the MACD, which in turn signals limited downside.
Hence, a convergence of the 21-DMA and a two-week-old rising support line, near 96.00, will challenge the US Dollar Index bears.
It should be noted that the stated wedge’s support line, around 95.45 by the press time, becomes crucial for the DXY sellers as a break of which will challenge the latest uptrend.
On the contrary, the 97.00 threshold and an aforementioned resistance line of the wedge, near 97.40, will question the short-term rebound of the greenback gauge.
Following that, the recent high and tops marked during the mid-2020, near 97.75 and 97.80, will challenge the US Dollar Index bulls.
DXY: Daily chart
Trend: Pullback expected
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