HomeForex TradingMay a double backside on the weekly chart drive the DXY to...

May a double backside on the weekly chart drive the DXY to 111.000?


  • The US Greenback Index discovered bids at across the YTD lows at 100.788.
  • USD bulls should retake 104.000 to problem YTD excessive at 105.883 and preserve a double-bottom strategy.
  • Contrarily, USD bears should reclaim 100.788 to check the 200-week EMA at round 99.117.

The US Greenback Index (DXY), a basket of six currencies in opposition to a basket of friends, snaps three days of straight losses and climbs 0.56% because the New York session ends. On the time of writing, the DXY exchanges hand at 101.570 as a bullish engulfing candle sample emerges within the every day chart.

US Greenback Index Value Motion

From a weekly chart perspective, the US Greenback Index stays upward biased. The DXY’s fall from round September 2022 highs at 114.728 in the direction of 2023 lows of 100.788 bottomed across the latter, depicting a double backside formation. Moreover, the 200-week Exponential Shifting Common (EMA) sits comfortably at round 99.117. The Relative Energy Index (RSI) is in bearish territory, however within the current dip, the RSI is bottoming increased than the prior’s by. The Price of Change (RoC) additionally shows that promoting stress is waning, which might pave the best way for additional upside.

Upside dangers within the DXY lie on the confluence of the 50 and 20-week EMAs, round 103.893-103.930. The break above will expose the 2023 excessive at 105.883, the final peak, earlier than clearing the best way towards 111.000, the double-bottom preliminary goal.

Conversely, the US Greenback Index’s first help could be 100.788. A dip beneath, and nothing could be in the best way towards the 200-week EMA at 99.117.

US Greenback Index Weekly Chart

USD Greenback Index Technical Ranges


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