FxWirePro: US Dollar Index upside capped by 55- day EMA, good to buy on dips
Wednesday, April 5, 2017 1:19 PM UTC
- Major support – 98.86 (61.8% retracement of 95.89 and 103.82).
- Major resistance – 100.70 (55- day EMA).
- DXY recovered slightly till 100.73 after making a low of 100.25. It is currently trading around 100.63.
- On the lower side, the minor support is around 100 and any break below 100 will drag the index down till 99.25/98.85 in the short term.
- The near term resistance is around 100.70 (55 –day EMA) and any close above will take the index till 100.97/101.40.
It is good to buy on dips around 100.35-40 with SL around 100 for the TP of 100.97/101.40