US Dollar Index Price Analysis: 94.00 becomes a tough nut to crack for DXY bulls


  • DXY grinds higher following its bounce off three-week low.
  • Short-term moving averages, seven-week-old previous support line probe upside amid bearish MACD signals.

US Dollar Index (DXY) bulls pause around 93.75 after the strongest up-move in over a week. That being said, the greenback gauge seesaws in a choppy range, following its U-turn from the monthly low, by the press time of Friday’s Asian session.

Although monthly horizontal support triggered the DXY rebound, a confluence of 10-DMA and 21-DMA, as well as the support-turned-resistance line from early September, offer a strong resistance around the 94.00 threshold.

Also challenging the upside momentum are the bearish MACD signals and 23.6% Fibonacci retracement level (Fibo.) of September-October advances.

Hence, US Dollar Index buyers need validation from the 94.00 round figure for conviction, a break of which will challenge the monthly peak of 94.56.

Alternatively, a downside break of the stated horizontal support near 93.50 won’t hesitate to recall the DXY sellers targeting 61.8% Fibo. near 92.95. It’s worth noting that the 93.00 round figure may add strength to the stated support.

US Dollar Index: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 93.77
Today Daily Change 0.16
Today Daily Change % 0.17%
Today daily open 93.61
 
Trends
Daily SMA20 93.94
Daily SMA50 93.27
Daily SMA100 92.62
Daily SMA200 91.84
 
Levels
Previous Daily High 93.88
Previous Daily Low 93.54
Previous Weekly High 94.56
Previous Weekly Low 93.76
Previous Monthly High 94.51
Previous Monthly Low 91.95
Daily Fibonacci 38.2% 93.67
Daily Fibonacci 61.8% 93.75
Daily Pivot Point S1 93.47
Daily Pivot Point S2 93.34
Daily Pivot Point S3 93.13
Daily Pivot Point R1 93.81
Daily Pivot Point R2 94.02
Daily Pivot Point R3 94.15

 

 

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