US Dollar Index Price Analysis: DXY bears can ignore recent uptick towards 90.50
|- DXY picks up bids to refresh intraday high, consolidates Friday’s losses.
- MACD teases bulls but multiple hurdles to the north keep bears hopeful.
US dollar index (DXY) stays firmer around 90.40, up 0.11% intraday, while consolidating Friday’s losses during early Monday.
Although MACD seems to return in favor of the bulls, 100-HMA and previous support line from May 11, respectively around 90.45 and 90.58, tests the short-term corrective pullback of the greenback gauge.
Also, 200-HMA and a two-week-old horizontal area, near 90.70 and 90.90 in that order, add to the upside filters while challenging the buyers.
On the contrary, Friday’s low near 90.30 can serve as a trigger to a fresh downside towards the multi-day low near the 90.00 threshold.
However, any further weakness past-90.00 will not hesitate to challenge February’s low near 89.68.
DXY hourly chart
Trend: Bearish
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