US Dollar Index Price Analysis: Corrective drop could extend to 101.00

DXY retreats from Thursday’s 19-year highs near 104.00.
A deeper correction could extend to the 101.00 region.

Pablo Piovano FXStreet

Following nearly 2-decade highs around 104.00, DXY is finally facing some corrective downside at the end of the week.

There is still scope for further downside, as the index keeps navigating the overbought territory, as per the daily RSI around 75. That said, the retracement carries the potential to extend to the 101.00 area prior to the weekly low in the 99.80 zone (April 21).

The current bullish stance in the index remains supported by the 7-month line near 96.70, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 95.70.

DXY daily chart

Dollar Index Spot

Overview
Today last price	103.3
Today Daily Change	86
Today Daily Change %	-0.36
Today daily open	103.67

Trends
Daily SMA20	100.59
Daily SMA50	99.03
Daily SMA100	97.5
Daily SMA200	95.67

Levels
Previous Daily High	103.94
Previous Daily Low	102.94
Previous Weekly High	101.34
Previous Weekly Low	99.81
Previous Monthly High	99.41
Previous Monthly Low	96.63
Daily Fibonacci 38.2%	103.56
Daily Fibonacci 61.8%	103.32
Daily Pivot Point S1	103.09
Daily Pivot Point S2	102.52
Daily Pivot Point S3	102.1
Daily Pivot Point R1	104.09
Daily Pivot Point R2	104.52
Daily Pivot Point R3	105.09

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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