US Dollar Index Price Analysis: DXY stays on the bull’s radar despite inaction around 113.00


  • US Dollar Index retreats from one-week high, probes four-day uptrend.
  • Impending bull cross on the MACD, firmer RSI keeps DXY firmer past 10-DMA.
  • Two-month-old support line adds to the downside filters.

US Dollar Index (DXY) buyers take a breather around 113.00, extending a pullback from a one-week high during early Tuesday’s sluggish Asian session. Even so, the sustained trading beyond the short-term moving average and the price-positive signals from the oscillators keep the buyers hopeful.

That said, Friday’s upside break of the 10-DMA, around 112.10 by the press time, joins the firmer RSI (14) and the looming bull cross on the MACD to suggest the quote’s additional north run.

It should be noted that the 23.6% Fibonacci retracement level of the DXY’s August-September up-move, around 112.40, acts as immediate support for the greenback’s gauge versus the six major currencies.

Even if the US Dollar Index breaks the 112.40 and 112.10 supports, an upward-sloping support line from early August, around 110.75 at the latest, could challenge the bears.

Alternatively, the 114.00 threshold will precede the recent multi-month high near 114.80 while luring the DXY bulls.

Following that, the May 2002 high near 115.35 and the 61.8% Fibonacci Expansion (FE) of August-October moves, near 116.40, will be in focus.

DXY: Daily chart

Trend: Further upside expected

Dollar Index Spot

Overview
Today last price 113.08
Today Daily Change 0.34
Today Daily Change % 0.30
Today daily open 112.74
 
Trends
Daily SMA20 111.53
Daily SMA50 109.35
Daily SMA100 107.14
Daily SMA200 102.95
 
Levels
Previous Daily High 112.88
Previous Daily Low 111.95
Previous Weekly High 112.88
Previous Weekly Low 110.05
Previous Monthly High 114.78
Previous Monthly Low 107.67
Daily Fibonacci 38.2% 112.52
Daily Fibonacci 61.8% 112.3
Daily Pivot Point S1 112.17
Daily Pivot Point S2 111.59
Daily Pivot Point S3 111.23
Daily Pivot Point R1 113.1
Daily Pivot Point R2 113.46
Daily Pivot Point R3 114.04

 

 

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