US Dollar Index Price Analysis: DXY bounces off 10-week low towards previous hurdle

DXY consolidates the heaviest drop in six months.
Sustained break of the key support line, now resistance, joins bearish MACD to favor sellers.
April low adds to the immediate upside hurdle, February’s bottom stays on seller’s radar.

Anil Panchal FXStreet

Having recently dropped to the fresh low since February 26, the US dollar index (DXY) picks up bids to 90.23 amid Monday’s Asian session trading. In doing so, the greenback gauge snaps a three-day downtrend.

However, bearish MACD and Friday’s break of an ascending support line from January 06 keeps DXY sellers hopeful.

While the 90.00 threshold acts as immediate support, February’s low of 89.68 becomes the key for the US dollar sellers as a break of which may not hesitate to challenge the yearly bottom surrounding 89.20.

Alternatively, a clear upside break of the previous support line near 90.35 needs to cross April’s trough of 90.42 before convincing short-term buyers.

Though, the 91.00 threshold, a 21-day SMA level near 91.00 and a downward sloping trend line from March 31 close to 91.20 may challenge the DXY’s further upside.

DXY daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	90.23
Today Daily Change	0.00
Today Daily Change %	0.00%
Today daily open	90.23

Trends
Daily SMA20	91.16
Daily SMA50	91.74
Daily SMA100	91.06
Daily SMA200	91.92

Levels
Previous Daily High	90.96
Previous Daily Low	90.19
Previous Weekly High	91.44
Previous Weekly Low	90.19
Previous Monthly High	93.33
Previous Monthly Low	90.42
Daily Fibonacci 38.2%	90.49
Daily Fibonacci 61.8%	90.67
Daily Pivot Point S1	89.96
Daily Pivot Point S2	89.69
Daily Pivot Point S3	89.19
Daily Pivot Point R1	90.73
Daily Pivot Point R2	91.23
Daily Pivot Point R3	91.5

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.

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