US Dollar Index Price Index: DXY bears stay hopeful below 21-DMA around 112.00

US Dollar Index holds lower ground after the downbeat Monday.
Sustained break of 21-DMA, bearish oscillators favor sellers.
Ascending support line from August 10 lures bears, buyers need validation from 113.30.

Anil Panchal FXStreet

US Dollar Index (DXY) remains pressured around the 112.00 threshold, keeping the week-start pessimism during Tuesday’s Asian session.

In doing so, the greenback’s gauge versus the six major currencies justifies the previous day’s downside break of the 21-DMA, the first in a fortnight, as well as the bearish MACD signals and downbeat RSI (14).

With this, the sellers are en route to an upward-sloping support line from early August, around 111.30 by the press time.

However, the quote’s further weakness appears difficult as early September’s peak and the monthly low, respectively around 110.80 and 110.00, will challenge the US Dollar Index bears afterward.

Meanwhile, recovery moves need to provide a daily closing beyond the 21-DMA hurdle of 112.45.

Even so, a three-week-old horizontal resistance near 113.30 will be a major challenge to the DXY bulls.

Following that, a run-up towards refreshing the 20-year high, currently around 114.80, can’t be ruled out.

Overall, DXY is likely to witness further downside but the road to the south is bumpy.

DXY: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	112.04
Today Daily Change	-0.06
Today Daily Change %	-0.05%
Today daily open	112.1

Trends
Daily SMA20	112.47
Daily SMA50	110.17
Daily SMA100	107.81
Daily SMA200	103.45

Levels
Previous Daily High	113.26
Previous Daily Low	111.92
Previous Weekly High	113.91
Previous Weekly Low	112.14
Previous Monthly High	114.78
Previous Monthly Low	107.67
Daily Fibonacci 38.2%	112.43
Daily Fibonacci 61.8%	112.75
Daily Pivot Point S1	111.59
Daily Pivot Point S2	111.09
Daily Pivot Point S3	110.25
Daily Pivot Point R1	112.94
Daily Pivot Point R2	113.77
Daily Pivot Point R3	114.28

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.

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