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- USD Index Price Analysis: Downside pressure now looks mitigated
USD Index Price Analysis: Downside pressure now looks mitigated
- DXY extends the upside to new 2-week highs north of 103.00.
- The May’s top near 104.70 comes next for dollar bulls.
DXY advances for the second session in a row and looks to consolidate the breakout of the key 103.00 hurdle on Thursday.
In light of the weekly recovery, the index should meet the next up-barrier of significance not before the May high at 104.69 (May 31) just ahead of the crucial 200-day SMA, today at 104.95.
Looking at the broader picture, while below the 200-day SMA the outlook for the index is expected to remain negative.
DXY daily chart
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