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FxWirePro: US Dollar index breaks above 50- day MA, slight jump till 94.20 likely

  • Major resistance – 93.75 (50- day MA).
     
  • DXY has formed a bottom at 92.50 and showing a major recovery from that level. The index jumped till 93.77 from the intraday low of 93.51. It is currently trading around 93.78.
     
  • The index breaks major resistance 93.75 and shown a minor jump. U.S dollar index should close above 50- day MA in the daily chart. Any close above will take the index further upside till 94.20 (61.8% retracement of 95.15 and 92.50)/95/95.25 (200- day EMA). Short term bearish invalidation only above 95.25.
     
  • On the lower side, any break below 93 confirms minor weakness. The index should close below 92.59 (61.8% fibo) for further decline till 91.62/91 likely. The minor support is around 93.40.

It is good to buy on dips around 93.40-50 with SL around 93 for the TP of 94.20/95.

 

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