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

 

 

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