US Dollar Index Price Analysis: 100-day SMA tests DXY drop to fresh seven-week low

DXY stays depressed, refrains to recover after the heaviest drop in 2021.
Confluence of ascending trend line from early January, 61.8% Fibonacci retracement offers the key support below 100-day SMA.
Buyers may resistance entries below the monthly resistance line.

Anil Panchal FXStreet

US dollar index (DXY) remains offered around the lowest since March 04 while declining to 91.02, down 0.06% intraday, amid early Tuesday.

In doing so, the greenback gauge refreshes the multi-day bottom while staying pressured after positing the heaviest losses in the current year.

Although sustained break below 50-day SMA keeps DXY bears hopeful, 100-day SMA tests the sellers around 91.00.

Even if the US dollar gauge drops below the 91.00 threshold, a convergence of the medium-term rising trend line and 61.8% Fibonacci retracement of January-March upside, near 90.80 will be the tough nut to crack for DXY sellers.

Alternatively, the corrective pullback may eye the 50% Fibonacci retracement level of 91.31 but the bulls are less likely to get convinced until witnessing a clear break of a downward sloping resistance line from March 31, around 91.70.

During the consolidation moves, a 50-day SMA of 91.60 will act as an extra filter to the north.

DXY daily chart

Trend: Corrective pullback expected

Additional important levels

Overview
Today last price	91.05
Today Daily Change	-0.05
Today Daily Change %	-0.05%
Today daily open	91.1

Trends
Daily SMA20	92.37
Daily SMA50	91.59
Daily SMA100	91.02
Daily SMA200	92.18

Levels
Previous Daily High	91.75
Previous Daily Low	91.03
Previous Weekly High	92.34
Previous Weekly Low	91.49
Previous Monthly High	93.44
Previous Monthly Low	90.63
Daily Fibonacci 38.2%	91.31
Daily Fibonacci 61.8%	91.47
Daily Pivot Point S1	90.84
Daily Pivot Point S2	90.58
Daily Pivot Point S3	90.12
Daily Pivot Point R1	91.55
Daily Pivot Point R2	92.01
Daily Pivot Point R3	92.27

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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