DXY Technical Analysis: current up move needs to reclaim 95.00 in order to allow extra gains.

DXY extends the rebound well beyond the 94.00 milestone after finding dip-buyers in the 93.75/70 band, or Monday low, area coincident with the top of the cloud.
The index quickly left behind the Fibo retracement of the April-June climb just above 9400 the figure and tested the boundaries of the relevant hourly high at 94.50 during Tuesday’s session.
Further gains should emerge if the buck manages to clear the 10-day SMA and the 21-day SMA, at 94.41 and 94.64, respectively. For the up move to gain sustainability, the greenback should also clear the critical 95.00 handle.
Daily RSI (14) stays around 51 at the time of writing, allowing for further upside.

Pablo Piovano FXStreet

DXY hourly chart

Daily high: 94.46

Daily low: 94.11

Support Levels

S1: 94.04 Fibo retracement

S2: 93.92 top of the cloud

S3: 93.84 55-day SMA

Resistance Levels

R1: 94.64 21-day SMA

R2: 95.03 high May 29

R3: 95.53 2018 high June 28

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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