US Dollar Index Price Analysis: DXY bears stay hopeful above 96.00


  • DXY struggles to extend Monday’s rebound, stays below two-week-old channel.
  • Bearish MACD signals direct sellers towards 100-SMA but monthly support line will challenge the following downside.
  • Weekly falling trend line offers immediate resistance, 97.00 is the key.

US Dollar Index (DXY) remains pressured towards 96.00, around 96.17 during Tuesday’s Asian session. The greenback gauge consolidated Friday’s heavy losses the previous day but failed to negate the downside break of a two-week-old ascending trend channel.

In addition to the confirmation of the bearish chart pattern, downbeat MACD signals and sustained trading below the weekly resistance line also weigh on the US Dollar Index.

That said, the quote drops towards the 100-SMA level of 95.57 by the press time but any further weakness will be challenged by an ascending support line from late October, around 95.00.

Should DXY bears keep reins past 95.00, the monthly low near 93.80 will be on their radars.

Alternatively, the stated weekly resistance line and the channel’s support, around 96.50-55, guards the quote’s immediate upside.

Following that, a run-up towards the 97.00 key hurdle can’t be ruled out. However, the stated channel’s resistance line near 97.40 could test the DXY bulls afterward.

DXY: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 96.18
Today Daily Change 0.01
Today Daily Change % 0.01%
Today daily open 96.17
 
Trends
Daily SMA20 95.36
Daily SMA50 94.46
Daily SMA100 93.58
Daily SMA200 92.45
 
Levels
Previous Daily High 96.45
Previous Daily Low 96.14
Previous Weekly High 96.94
Previous Weekly Low 95.99
Previous Monthly High 94.56
Previous Monthly Low 93.28
Daily Fibonacci 38.2% 96.26
Daily Fibonacci 61.8% 96.33
Daily Pivot Point S1 96.06
Daily Pivot Point S2 95.95
Daily Pivot Point S3 95.75
Daily Pivot Point R1 96.36
Daily Pivot Point R2 96.56
Daily Pivot Point R3 96.67

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD consolidates weekly gains above 1.1150

EUR/USD consolidates weekly gains above 1.1150

EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.

EUR/USD News
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains

GBP/USD stabilizes near 1.3300, looks to post strong weekly gains

GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains. 

GBP/USD News
Gold extends rally to new record-high above $2,610

Gold extends rally to new record-high above $2,610

Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.

Gold News
Pepe price forecast: Eyes for 30% rally

Pepe price forecast: Eyes for 30% rally

Pepe’s price broke and closed above the descending trendline on Thursday, eyeing for a rally. On-chain data hints at a bullish move as PEPE’s dormant wallets are active, and the long-to-short ratio is above one.

Read more
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures