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US Dollar Index Price Analysis: Heading towards the 105.00 level

  • The US Dollar Index (DXY) pulls back to the 104.50 area after failing near 104.70.
  • Breaking above 105.00 should expose a test of the 2022 high.

The US Dollar Index (DXY) looks to add to Tuesday’s gains, although the bull run appears to have faltered around the 104.70 area on Wednesday.

Ideally, the index should break above the weekly high near 105.00 (June 22) in the short term for the recovery to gain momentum and attempt to visit the near 20-year high around 105.80 (June 15).

As long as the 4-month line near 102.25 contains the downside, the short-term outlook for the index should remain constructive.

In the longer term, the outlook for the dollar is bullish as long as it is above the 200-day SMA at 98.01.

DXY daily chart

Technical levels

Dollar Index Spot

Last Price Today 104.76
Today’s Daily Change 0.26
Today’s Daily Change % 0.25
Today’s Daily Opening 104.5
20 Daily SMA 103.77
50 Daily SMA 103.18
100 Daily SMA 100.69
200 Daily SMA 97.98
Previous Daily High 104.61
Previous Daily Minimum 103.77
Previous Maximum Weekly 104.95
Previous Weekly Minimum 103.86
Monthly Prior Maximum 105.01
Previous Monthly Minimum 101.3
Daily Fibonacci 38.2% 104.29
Daily Fibonacci 61.8% 104.09
Daily Pivot Point S1 103.98
Daily Pivot Point S2 103.45
Daily Pivot Point S3 103.13
Daily Pivot Point R1 104.82
Daily Pivot Point R2 105.14
Daily Pivot Point R3 105.67

Source: Fx Street

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