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- US Dollar Index Price Analysis: DXY pullback remains elusive beyond 111.85
US Dollar Index Price Analysis: DXY pullback remains elusive beyond 111.85
- US Dollar Index retreats from a six-week-old resistance line to tease bears.
- 21-DMA, weekly support line restricts short-term downside amid looming bull cross on MACD.
- Bulls have a bumpy road to travel before reaching the yearly top.
US Dollar Index (DXY) trims the biggest weekly gains in six while holding lower grounds near 112.55, down 0.40% intraday, as traders brace for the US jobs report on Friday.
In doing so, the greenback’s gauge versus the six major currencies takes a U-turn from a downward-sloping resistance line from September 26.
However, the DXY remains on the bull’s radar as it stays beyond the 21-DMA and a one-week-old support line. Also keeping the buyers hopeful are the impending bullish signals on the MACD.
It should be noted, though, that the quote’s recovery moves have multiple hurdles to the north even if the US Dollar Index manages to cross the 113.00 immediate resistance line stated above.
That said, the two-month-old previous support line and a five-week-long descending trend line, respectively around 113.10 and 113.40, could act as extra upside filters before directing the quote towards the yearly top of 114.78.
Meanwhile, pullback moves may initially aim for the 21-DMA support of 112.12 before testing the aforementioned weekly support line near 111.85.
It’s worth observing that the DXY’s weakness past 111.85 could push the bears towards an early September swing high near 110.80 before highlighting the 50% Fibonacci retracement level of August-September upside, close to 109.65.
Overall, the US Dollar Index remains on the bull’s radar despite the latest pullback.
Also read: US Dollar Index seesaws near three-week high around 113.00 amid pre-NFP anxiety
DXY: Daily chart
Trend: Bullish
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