Dollar Index Price Analysis: Tuesday's marubozu shows bull bias

The dollar index carved out a bullish marubozu candle on Tuesday.
The greenback eyes trendline hurdle as the bullish sentiment looks quite strong.

Omkar Godbole FXStreet Contributor

The dollar index, which gauges the greenback's value against major currencies, rose 0.5% on Tuesday, forming a green marubozu candle.

A marubozu is a one-candlestick pattern with negligible or no wicks and a big body and signals significant strength.

A bullish or above-50 reading on the relative strength index accompanies the marubozu candle. Besides, the MACD histogram is printing higher bars above the zero line, a sign of the strengthening of upward momentum.

As such, the greenback looks set to test resistance at 94.40. That level is the 23.6% Fibonacci retracement of the sell-off from 102.99 to 91.75.

A close under Tuesday's low of 93.00 would invalidate the bullish setup. At press time, the dollar index is seen near 93.50.

Daily chart

Trend: Bullish

Technical levels

Dollar Index Spot

Overview
Today last price	93.51
Today Daily Change	0.01
Today Daily Change %	0.01
Today daily open	93.5

Trends
Daily SMA20	92.89
Daily SMA50	94.19
Daily SMA100	96.36
Daily SMA200	97.36

Levels
Previous Daily High	93.51
Previous Daily Low	93
Previous Weekly High	93.24
Previous Weekly Low	91.74
Previous Monthly High	94
Previous Monthly Low	92
Daily Fibonacci 38.2%	93.31
Daily Fibonacci 61.8%	93.19
Daily Pivot Point S1	93.17
Daily Pivot Point S2	92.83
Daily Pivot Point S3	92.66
Daily Pivot Point R1	93.67
Daily Pivot Point R2	93.84
Daily Pivot Point R3	94.18

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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