USD Index Price Analysis: Beware of the technical correction


  • DXY rises to new 2023 highs near 106.50 on Wednesday.
  • Current overbought conditions could spark a knee-jerk.

DXY accelerates its upside and reaches new YTD peaks near 106.50 on Wednesday.

Considering the ongoing price action, extra gains appear likely for the time being. Further up now comes the weekly high at 107.19 (November 30, 2022) prior to another weekly peak at 107.99 (November 21 2022).

However, the current overbought conditions of the index could favour some near-term corrective move.

In the meantime, while above the key 200-day SMA, today at 103.07, the outlook for the index is expected to remain constructive.

DXY daily chart

Dollar Index Spot

Overview
Today last price 106.38
Today Daily Change 32
Today Daily Change % 0.20
Today daily open 106.17
 
Trends
Daily SMA20 104.91
Daily SMA50 103.48
Daily SMA100 103.13
Daily SMA200 103.07
 
Levels
Previous Daily High 106.26
Previous Daily Low 105.86
Previous Weekly High 105.78
Previous Weekly Low 104.66
Previous Monthly High 104.44
Previous Monthly Low 101.74
Daily Fibonacci 38.2% 106.11
Daily Fibonacci 61.8% 106.02
Daily Pivot Point S1 105.94
Daily Pivot Point S2 105.7
Daily Pivot Point S3 105.54
Daily Pivot Point R1 106.34
Daily Pivot Point R2 106.5
Daily Pivot Point R3 106.73

 

 

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