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US Dollar Index Technical Analysis: The greenback is testing the critical support at 96.00

2019-06-24 17:10

  • DXY lost further ground during last week and is now flirting with the critical support in the 96.00 neighbourhood, where coincide a Fibo retracement of the 2017-2018 and the 200-week SMA (95.97).

  • The recent breach of the 200-day SMA and the multi-month support line has opened the door to a deeper pullback and shifted the outlook to the dovish side.

  • In case bulls regain the upper hand, the initial target emerges at the 96.55/60 band, where converge the 200-day SMA and the now resistance line. Above this area, the 100-day SMA at 97.06 should return to the radar.



DXY daily chart







 


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