US Dollar Index Price Analysis: DXY bears on a lookout for entry above 92.00
- DXY sellers attack 100-SMA, keeps weekly support break.
- Bears aim for monthly support line amid less-adverse RSI conditions.
- Short-term rising trend line resistance becomes the key for bulls.
US dollar index (DXY) remains pressured around 92.20, down 0.05% intraday, amid Tuesday’s Asian session. The greenback gauge bounced off 100-SMA the previous day before taking a U-turn from a one-week-old prior support line.
Given the bull’s inability to keep controls, coupled with an indifferent RSI line, DXY may break the 92.15 immediate SMA support before challenging the monthly rising trend line near 91.90.
Although the DXY bulls are likely to jump back around the key support line, any further weakness past 91.90 will make the quote vulnerable to drop towards 91.30 and the 91.00 threshold.
Meanwhile, buyers are less likely to take entries until the quote stays below the previous support line near 92.50.
However, an upward sloping resistance line from June 18, close to 92.90, followed by the 93.00 round-figure, will be the key to challenge DXY bulls afterward.
DXY: Four-hour chart
Trend: Further weakness expected
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.
