USD Index Price Analysis: There is a minor support around 104.70

DXY extends the correction to the 105.70/65 band.
A deeper pullback should meet contention near 104.70.

Pablo Piovano FXStreet

DXY adds to Thursday’s losses and briefly visits the vicinity of the 105.70 zone at the end of the week.

Despite the ongoing technical correction, extra gains appear likely for the time being. The surpass of the yearly high of 106.83 (September 27) could encourage the index to challenge the weekly top at 107.19 (November 30, 2022) prior to another weekly peak at 107.99 (November 21 2022).

In the meantime, while above the key 200-day SMA, today at 103.09, the outlook for the index is expected to remain constructive.

DXY daily chart

Dollar Index Spot

Overview
Today last price	105.76
Today Daily Change	57
Today Daily Change %	-0.36
Today daily open	106.14

Trends
Daily SMA20	105.21
Daily SMA50	103.71
Daily SMA100	103.23
Daily SMA200	103.09

Levels
Previous Daily High	106.76
Previous Daily Low	106.02
Previous Weekly High	105.78
Previous Weekly Low	104.66
Previous Monthly High	104.44
Previous Monthly Low	101.74
Daily Fibonacci 38.2%	106.3
Daily Fibonacci 61.8%	106.47
Daily Pivot Point S1	105.85
Daily Pivot Point S2	105.57
Daily Pivot Point S3	105.12
Daily Pivot Point R1	106.59
Daily Pivot Point R2	107.04
Daily Pivot Point R3	107.32

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.

AUD/USD remains below 0.7000 amid light trading

AUD/USD fills a modest bearish gap on Monday, but remains below 0.7000 in the Asian session amid holiday-thinned liquidity. The US Dollar attempts a bounce even as US bond yields pull back from multi-year highs, limiting the pair. Moreover, diminishing odds of another RBA rate hike in November cap the Aussie.

USD/JPY hovers above 158.00 amid Japan/ US holiday

USD/JPY extends its range-bound price action into a new week, trading above 158.00 as bulls remain on high alert amid speculation that authorities will step in to prop up the Japanese Yen. Meanwhile, softer US bond yields keep US Dollar bulls on the back foot and cap the pair's upside. However, geopolitical uncertainties could limit losses for the safe-haven buck amid thin liquidity due to a holiday in Japan and the US.

Gold remains vulnerable below $4,200 on Fed hike bets

Gold is under mild selling pressure on Monday, trading at around $4,170. The US Dollar advances modestly in thin trading, supported by bets that the Federal Reserve will hike rates at least one more time before year-end.

Bitcoin struggles as ETF outflows, geopolitical uncertainty weigh

Bitcoin hovers around $83,600 on Monday after a 3.1% correction last week. US-listed spot ETFs recorded an outflow of $681.10 million last week, snapping the three-week inflow streak. Geopolitical uncertainty and mixed signals keep investors cautious.

The week ahead: A critical week as earnings and CPI test market

The Oil price is relatively stable this morning, and US and European stock markets are poised to open higher, as risk sentiment shrugs off an escalation in the Middle East and concerns about rising bond yields.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?