FxWirePro: US Dollar index jumps sharply from 20 day MA, targets 97
US Dollar index has shown a massive sell- off after hitting high of 95.50. The index declined more than 120 pips and hits low of 94.17. After minor weakness DXY recovered sharply in the past three trading session almost …
US Dollar index has shown a massive sell- off after hitting high of 95.50. The index declined more than 120 pips and hits low of 94.17. After minor weakness DXY recovered sharply in the past three trading session almost 135 pips. It hits high of 95.53 at the time of writing. It is currently trading at 95.21. The index has formd a double top around 95.53 and any convincing break above confirms further bullishness.
On the higher side, a jump till 96.40 (161.8% retracement)/97.85 (61.8% fibo) is possible. The near term support stands around 94.80 (10- day MA) and any break below will drag the index till 94.25 (20 - day MA)/93.64/93.25 (55- day EMA).
It is good to buy on dips around 94.85-90 with SL around 94 for the TP of 97.85/98.
