US Dollar Index Price Analysis: DXY bulls eye 50-day SMA near fresh monthly high

DXY buyers cheer upside break of six-week-old falling trend line, bullish MACD.
21-day SMA, a two-week-old rising trend line add to the downside filters.
December 07 top, early-November lows can lure bulls beyond 50-day SMA.

Anil Panchal FXStreet

US dollar index (DXY) stays positive around 90.81 during Monday’s Asian session. In doing so, the greenback gauge extends the upside break of a descending trend line from December 07 towards a fresh high since December 21.

Not only the successful break of previously key resistance line but bullish MACD and sustained bounce off 21-day SMA also favor DXY bulls.

As a result, the quote is up for challenging a 50-day SMA level of 90.96 ahead of teasing the 91.00 round-figure and December 07 top surrounding 91.25.

It should, however, be noted that the US dollar index upside past-91.25 will propel it towards early November lows near 92.15.

On the contrary, a downside break below the previous resistance line, now support, near 90.57, will have to drop beneath an immediate rising support line, at 90.33, as well as a 21-day SMA level of 90.13 before revisiting the 90.00 psychological magnet.

In a case where the greenback sellers dominate below 90.00, the multi-month-low marked during the month around 89.20 should return to the charts.

DXY daily chart

Trend: Further upside expected

Dollar Index Spot

Overview
Today last price	90.81
Today Daily Change	0.04
Today Daily Change %	0.04%
Today daily open	90.77

Trends
Daily SMA20	90.1
Daily SMA50	91.01
Daily SMA100	92.18
Daily SMA200	94.52

Levels
Previous Daily High	90.78
Previous Daily Low	90.22
Previous Weekly High	90.78
Previous Weekly Low	89.92
Previous Monthly High	92.02
Previous Monthly Low	89.52
Daily Fibonacci 38.2%	90.56
Daily Fibonacci 61.8%	90.43
Daily Pivot Point S1	90.4
Daily Pivot Point S2	90.04
Daily Pivot Point S3	89.85
Daily Pivot Point R1	90.96
Daily Pivot Point R2	91.14
Daily Pivot Point R3	91.51

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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