US Dollar Index Price Analysis: DXY eyes further downside past 96.00 inside nearby trading range


  • DXY refreshes intraday low while reversing Monday’s gains.
  • Bearish MACD signals, failures to stay beyond 96.00 keep sellers hopeful.
  • 61.8% Fibonacci retracement level, two-month-old support line restricts short-term downside.

US Dollar Index (DXY) takes offers around 95.85, down 0.10% intraday during early Tuesday morning in Europe.

In doing so, the greenback gauge stays within a 70-pip trading range between an ascending support line from mid-November and a monthly resistance, respectively around 95.65 and 96.30.

Given the quote’s latest declines below the 50% Fibonacci retracement (Fibo.) level of November 15-24 upside, coupled with the bearish MACD signals, DXY prices are likely to witness further losses.

However, 61.8% Fibo. and the aforementioned support line, close to 95.70 and 95.65 in that order, challenges the gauge’s short-term downside.

Should the US Dollar Index (DXY) stay below 95.65, bears can eye for 95.50 and 95.00 supports.

Meanwhile, recovery moves may initially battle 50% and 38.2% Fibonacci retracement levels, around 95.18 and 96.20 respectively.

It’s worth noting that the DXY bulls remain cautious until the quote rises past 96.30, a break of which will recall the 96.70 and the 97.00 round figure on the chart.

DXY: Four-hour chart

Trend: Further declines expected

Additional impotant levels

Overview
Today last price 95.86
Today Daily Change -0.10
Today Daily Change % -0.10%
Today daily open 95.96
 
Trends
Daily SMA20 96.16
Daily SMA50 95.84
Daily SMA100 94.61
Daily SMA200 93.09
 
Levels
Previous Daily High 96.24
Previous Daily Low 95.77
Previous Weekly High 96.46
Previous Weekly Low 95.71
Previous Monthly High 96.92
Previous Monthly Low 95.57
Daily Fibonacci 38.2% 96.06
Daily Fibonacci 61.8% 95.94
Daily Pivot Point S1 95.74
Daily Pivot Point S2 95.52
Daily Pivot Point S3 95.27
Daily Pivot Point R1 96.2
Daily Pivot Point R2 96.45
Daily Pivot Point R3 96.67

 

 

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