US Dollar Index Price Analysis: Downside should be corrective only


  • DXY recedes from recent 2021 highs around 94.56.
  • Intermittent dips are seen as buying opportunities.

DXY faces some selling pressure and corrects from Tuesday’s YTD highs in the 94.55/60 band.

The ongoing price action allows the index to keep the buying bias well in place and open the door to further upside in the not-so-distant future. That said, next target emerges at the September 2020 high at 94.74 and the 200-week SMA, today at 94.76. Further north should come the round level at 95.00.

Looking at the broader picture, the constructive stance on the index is seen unchanged above the 200-day SMA at 91.75.

DXY daily chart

Dollar Index Spot

Overview
Today last price 94.46
Today Daily Change 29
Today Daily Change % -0.06
Today daily open 94.52
 
Trends
Daily SMA20 93.7
Daily SMA50 93.13
Daily SMA100 92.39
Daily SMA200 91.73
 
Levels
Previous Daily High 94.56
Previous Daily Low 94.23
Previous Weekly High 94.45
Previous Weekly Low 93.68
Previous Monthly High 94.51
Previous Monthly Low 91.95
Daily Fibonacci 38.2% 94.43
Daily Fibonacci 61.8% 94.36
Daily Pivot Point S1 94.31
Daily Pivot Point S2 94.1
Daily Pivot Point S3 93.98
Daily Pivot Point R1 94.65
Daily Pivot Point R2 94.77
Daily Pivot Point R3 94.98

 

 

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