US Dollar Index Price Analysis: DXY bulls keep reins above 92.20 key support
- DXY refreshes intraday tops to consolidate the previous day’s losses.
- Confluence of 100-SMA, monthly rising wedge’s support challenges bears.
- Bulls aim for 93.00 threshold but MACD probes recovery moves.
US dollar index (DXY) picks up bids to refresh intraday high near 92.48, up 0.11% on a day, amid early Thursday.
The greenback gauge dropped the most in over a week the previous day but failed to extend the losses below 50-SMA.
Given the recovery moves fueling the quote back beyond the short-term important moving average, odds favoring the DXY upside to the weekly top surrounding 92.85 can’t be ruled out.
However, any further upside will be tested by the upper line of a one-month-old rising wedge bearish chart pattern around the 93.00 round figure.
Alternatively, a downside break of 50-SMA, around 92.40, will be challenged by the 92.20 crucial support level, a convergence of 100-SMA and the stated wedge’s lower line.
Should the DXY bears conquer the 92.20 level, June 25 low surrounding 91.50 may offer an intermediate halt during the quote’s slump towards early June tops near 90.65.
DXY: Four-hour chart
Trend: Bullish
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.
