- The DXY makes a 180 degree turn and recovers the 103.50 area.
- The next bullish barrier is at the August high at 103.68.
He DXY manages to regain his composure and reverse three consecutive sessions of losses on Tuesday.
The US Dollar Index appears to be trying to consolidate a range after the recent multi-week rally. Conversely, the resumption of the uptrend should re-target the August high of 103.68 (August 18) before the May high of 104.69 (May 31) and the 2023 high of 105.88 (March 8).
It should be noted that this zone of monthly highs seems reinforced by the proximity of the 200-day SMA, today at 103.16.
From a broader perspective, a convincing break of the 200-day SMA should shift the outlook for the DXY to a more constructive one.
DXY daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
