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4 Aug 2021

US Dollar Index Price Analysis: DXY bears tighten grips around 92.00

  • DXY stays pressured for third consecutive day, refreshes intraday low.
  • Lower high formation, bearish MACD keep sellers hopeful.
  • Key EMAs challenge sellers, bulls remain unconvinced below June’s top.

US Dollar Index (DXY) refreshes intraday low near 92.00 threshold, down 0.05% on a day during early Wednesday. In doing so, the greenback gauge forms a lower-high bearish pattern while also portraying a three-day downtrend.

In addition to the bearish chart pattern, downbeat MACD conditions also direct DXY sellers to mark another battle with the 50-day EMA level of 91.92 in search of testing 91.65 support comprising 100-day EMA.

Following the downside break of 91.65, late June’s swing low near 91.50 becomes the key.

Alternatively, an upside clearance of the immediate resistance line, near 92.15, could defy the bearish move and trigger a corrective pullback targeting June’s high surrounding 92.45.

It should be noted, however, that a clear run-up beyond 92.45 will push DXY towards 92.80 and the recent top, also the highest since April, near 93.20.

Overall, DXY remains in a bearish consolidation mode above strong EMA support levels.

DXY: Daily chart

Trend: Further weakness expected

 

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