The US Dollar Index (DXY) is avoiding intraday currency losses around the highest levels since July 2020, bouncing off daily lows at 96.72 at the time of writing.
The corrective pullback of the US dollar in the forex market from the intraday low appears to be finite-lived given the bearish signals from the MACD and the ability of the DXY index to break above 96.94, as shown by the Doji candle at the peak of 16 months. .
Given the trend reversal suggested by candle and MACD signals, the US Dollar Index (DXY) remains bullish. However, a clear bearish breakout of the 20-SMA and an ascending support line from November 9, near 96.65, becomes necessary for the entry of the seller.
After that, the November 17 peak near 96.25 may offer an intermediate stop during the fall targeting the round number of 96.00.
Dans a case of the vendors of bills verts dominent après 96.00, the plus basing on November 11 at 95.51 and the Fibonacci retracement at 61.8% of the monthly hausse, at 95.00 seront au center de l ‘attention.
Alternatively, recovery moves may initially target the 97.00 threshold before driving the bulls in the DXY index to the June 2020 high near 97.80.
4-hour US Dollar Index (DXY) chart
Par Anil Panchal, FXStreet
He worked with Edelweiss Financial Advisors Ltd from 2007 to 2013 as a research analyst for the commodities sector. Subsequently, Anil joined Admiral Markets from April 2013 to January 2019, where he worked as a Forex analyst. Job roles at both locations were to monitor the macroeconomics and perform fundamental and technical analysis of commodities and the Forex market, respectively. At FXStreet, he primarily writes asset / technology news articles on various currency pairs, commodity pairs, and even some equity markets. It also helps provide overviews of macro / event data and bank reports when required.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.
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