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US Dollar Index Price Analysis: DXY flirts with 96.00 key support
Abstract：The greenback gauge dropped the most since February 03 the previous day but convergence on the 21-DMA and 50-DMA restricted the quote‘s further downside. Also challenging the DXY bears is the 50% Fibonacci retracement (Fibo.) January’s upside.
DXY picks up bids to consolidate the heaviest daily fall in two weeks.
50-DMA, 21-DMA and 50% Fibonacci retracement limit immediate downside.
Bulls may aim for 96.50 hurdle as MACD backs the rebound.
US Dollar Index (DXY) defend 96.00 during a sluggish Asian session on Wednesday.
Its worth noting that the MACD teases bulls of late, which in turn suggests the continuation of the latest rebound.
However, a six-week-old horizontal area surrounding 96.50 will be a tough nut to crack for the US Dollar Index bulls, a break of which will escalate the run-up towards the previous months peak of 97.44.
During the run-up, the 97.00 threshold will act as an intermediate halt.
On the flip side, 61.8% Fibo. level near 95.70 acts as immediate support to watch during the quotes clear declines past-96.00.
Following that, the monthly low of 95.13 and 2022 bottom surrounding 94.62 will gain the US Dollar Index bears attention.
DXY: Daily chart
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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