US Dollar Index Price Analysis: Trims intraday losses but buyers are less hopeful below 91.00
- DXY recovers from the day’s low after the week-start gap-down.
- Short-term symmetrical triangle restricts immediate moves.
- Bearish MACD, sustained trading below 200-HMA favor sellers.
US dollar index (DXY) marks a corrective pullback from 90.77 while taking rounds to 90.80 during the pre-European session on Monday. Even so, the greenback gauge prints 0.16% intraday losses while keeping the early-Asian gap to the south.
Not only the failure to fill the downside gap but sustained trading below 200-HMA amid bearish MACD also favor the sellers. However, the support line of an immediate triangle pattern, established from December 02, around 90.64, can challenge the US dollar bears.
In a case where the DXY sellers dominate past-90.64, the monthly bottom around 90.47 and the 90.00 psychological magnet can grab the market’s attention.
On the upside, the 200-HMA level of 90.96, followed by the stated triangle’s resistance, at 91.05 now, will keep the DXY bulls chained.
Though, a clear break to the north of 91.05 will not hesitate to challenge 91.50 before eyeing the monthly top near 91.90.
DXY hourly chart
Trend: Bearish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
