USD Index Price Analysis: Lack of direction points to some side-lined trade

DXY fades Tuesday’s uptick and returns to the sub-104.00 region
Further choppiness seems probable in the near term .

Pablo Piovano FXStreet

DXY leaves behind Tuesday’s decent gains and resumes the downside below the key 104.00 support on Wednesday.

Considering the ongoing price action, the index could now move into a consolidative phase in light of the current lack of strong catalysts. On the downside, the June low of 103.38 (June 2) emerges as the immediate contention, while the next up-barrier is seen at the May peak of 104.79 (May 31).

Looking at the broader picture, while below the 200-day SMA at 105.51 the outlook for the index is expected to remain negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	103.92
Today Daily Change	44
Today Daily Change %	-0.21
Today daily open	104.14

Trends
Daily SMA20	103.42
Daily SMA50	102.45
Daily SMA100	102.96
Daily SMA200	105.39

Levels
Previous Daily High	104.37
Previous Daily Low	103.81
Previous Weekly High	104.7
Previous Weekly Low	103.38
Previous Monthly High	104.7
Previous Monthly Low	101.03
Daily Fibonacci 38.2%	104.16
Daily Fibonacci 61.8%	104.03
Daily Pivot Point S1	103.85
Daily Pivot Point S2	103.55
Daily Pivot Point S3	103.28
Daily Pivot Point R1	104.41
Daily Pivot Point R2	104.67
Daily Pivot Point R3	104.97

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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