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US Dollar Index Price Analysis: Extra gains could see 94.30 re-tested

  • DXY prints 2021 highs beyond the 93.00 mark on Tuesday.
  • Further north comes in the November 2020 high near 94.30.

The dollar extends the rally further and manages well to finally break above the key barrier at 93.00 the figure when tracked by the US Dollar Index (DXY).

Against this, the continuation of the uptrend looks likely in the short-term horizon. That said, there are no relevant up barriers until the November 2020 highs in the 94.25/30 band.

The downside pressure around the index looks alleviated after the recent breakout of the 200-day SMA (92.52). If DXY manages to keep business above the latter on a sustainable basis, then the outlook should shift to constructive, at least in the near-term.

DXY daily chart

Dollar Index Spot

Overview
Today last price93.1
Today Daily Change29
Today Daily Change %0.18
Today daily open92.93
 
Trends
Daily SMA2091.93
Daily SMA5091.12
Daily SMA10091.04
Daily SMA20092.54
 
Levels
Previous Daily High92.96
Previous Daily Low92.72
Previous Weekly High92.92
Previous Weekly Low91.71
Previous Monthly High91.6
Previous Monthly Low89.68
Daily Fibonacci 38.2%92.87
Daily Fibonacci 61.8%92.81
Daily Pivot Point S192.78
Daily Pivot Point S292.63
Daily Pivot Point S392.54
Daily Pivot Point R193.03
Daily Pivot Point R293.12
Daily Pivot Point R393.27

Author

Pablo Piovano

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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