US Dollar Index Price Analysis: Potential corrective downside in the pipeline

DXY comes under some selling bias after new tops.
The continuation of the uptrend could see 100.00 revisited.

Pablo Piovano FXStreet

DXY faces some selling pressure and recedes to the 98.90/85 band, where some initial contention turned up so far on Tuesday.

In light of the recent price action, further gains remain likely for the time being. That said, the next hurdle aligns at the 99.97 level (May 25 2020 high) closely followed by the psychological 100.00 mark. However, the continuation of the leg lower should not be ruled out following the current overbought condition of the index.

The current bullish stance in the index remains supported by the 5-month line, today near 95.70, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 94.17.

DXY daily chart

Dollar Index Spot

Overview
Today last price	99.11
Today Daily Change	45
Today Daily Change %	-0.15
Today daily open	99.26

Trends
Daily SMA20	96.6
Daily SMA50	96.18
Daily SMA100	95.78
Daily SMA200	94.17

Levels
Previous Daily High	99.41
Previous Daily Low	98.67
Previous Weekly High	98.93
Previous Weekly Low	96.62
Previous Monthly High	97.74
Previous Monthly Low	95.14
Daily Fibonacci 38.2%	99.13
Daily Fibonacci 61.8%	98.95
Daily Pivot Point S1	98.81
Daily Pivot Point S2	98.37
Daily Pivot Point S3	98.07
Daily Pivot Point R1	99.56
Daily Pivot Point R2	99.86
Daily Pivot Point R3	100.3

Author

Pablo Piovano

FXStreet

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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