- 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
|Today last price||93.77|
|Today Daily Change||0.16|
|Today Daily Change %||0.17%|
|Today daily open||93.61|
|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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