US Dollar Index Price Analysis: Rising bets for another test of 105.00

DXY adds to the recent weakness and challenges 106.00.
Another move to the 105.00 region remains well on the cards.

Pablo Piovano FXStreet

DXY extends the weekly corrective downside and briefly breaches the 106.00 neighbourhood on turnaround Tuesday.

The continuation of the selling pressure should expose a deeper pullback to, initially, the August low near 105.00 (August 2). This area of initial contention appears reinforced by the 55-day SMA.

The short-term constructive stance is expected to remain supported by the 6-month support line, today near 104.40.

Furthermore, the broader bullish view in the dollar remains in place while above the 200-day SMA at 99.87.

DXY daily chart

Dollar Index Spot

Overview
Today last price	106.09
Today Daily Change	44
Today Daily Change %	-0.26
Today daily open	106.37

Trends
Daily SMA20	106.89
Daily SMA50	105.28
Daily SMA100	103.3
Daily SMA200	99.76

Levels
Previous Daily High	106.81
Previous Daily Low	106.09
Previous Weekly High	107.43
Previous Weekly Low	105.54
Previous Monthly High	109.29
Previous Monthly Low	104.69
Daily Fibonacci 38.2%	106.37
Daily Fibonacci 61.8%	106.53
Daily Pivot Point S1	106.04
Daily Pivot Point S2	105.71
Daily Pivot Point S3	105.33
Daily Pivot Point R1	106.75
Daily Pivot Point R2	107.14
Daily Pivot Point R3	107.47

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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