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USD Index Price Analysis: Another drop to 104.00 remains in store

-  DXY adds to Wednesday’s recovery and revisits the mid-104.00s.

-  The resumption of the selling pressure initially targets 103.98.


DXY manages to pick up extra pace and extends further the bounce off multi-week lows around 104.00 on Thursday.

In case bears regain the upper hand, the breakdown of the November low of 103.98 (November 14-15) should pave the way for a quick test of the critical 200-day SMA at 103.61 prior to the weekly low of 102.96 (August 30).

In the meantime, while above the key 200-day SMA, the outlook for the index is expected to remain constructive.

DXY daily chart

Dollar Index Spot

Overview
Today last price104.4
Today Daily Change25
Today Daily Change %0.00
Today daily open104.4
 
Trends
Daily SMA20105.85
Daily SMA50105.85
Daily SMA100104.18
Daily SMA200103.62
 
Levels
Previous Daily High104.51
Previous Daily Low103.99
Previous Weekly High106.01
Previous Weekly Low104.85
Previous Monthly High107.35
Previous Monthly Low105.35
Daily Fibonacci 38.2%104.31
Daily Fibonacci 61.8%104.19
Daily Pivot Point S1104.09
Daily Pivot Point S2103.78
Daily Pivot Point S3103.57
Daily Pivot Point R1104.61
Daily Pivot Point R2104.82
Daily Pivot Point R3105.13

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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