- The DXY Index succumbs to the selling pressure and breaks the 106.00 level.
- A deeper pullback opens the door to a November low near 105.30.
The DXY index maintains the bearish trend in the second half of the week, falling below the support of 106.00.
Should the selling pressure pick up, the dollar could give up more ground and target the November low at 105.34 (15 Nov). This area of contention seems to be underpinned by the proximity of the ever-relevant 200-day SMA, today at 105.27.
As long as it is above the 200-day SMA, the outlook for the DXY Index should remain constructive.
DXY index daily chart
Source: Fx Street
I am a writer for World Stock Market. I have been working in finance for over 7-8 years, and I have experience with a variety of financial instruments. My work has taken me to Japan, China, Europe, and the United States. I speak Japanese and Chinese fluently.
