FxWirePro: US Dollar index faces strong resistance at 200- day MA, good to buy on dips
Major resistance – 96 (200- day MA). Major support – 95. The index jumped after breaking 21- day MA at 95.46 and is currently trading around 95.84. DXY is facing strong resistance at 200- day MA and any break above targe…
The index jumped after breaking 21- day MA at 95.46 and is currently trading around 95.84.
DXY is facing strong resistance at 200- day MA and any break above targets 96.35/97/97.60 level.
On the lower side, major support is around 94.75 (61.8% retracement of 93.02 and 97.57) and any break below will drag the pair till 94.07 (61.8% retracement of 91.92 and 97.57)/93.02 (Jun 23rd low).
Overall trend reversal only below 94.08 (61.8% retracement of 91.92 and 97.57).
It is good to buy on dips around 95.50 with SL around 95 for the TP of 96/96.35/97
