US Dollar Index is trading sideways, with EMAs acting as resistance. (Pivot Orderbook analysis)
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- US Dollar Index is trading sideways, with EMAs acting as resistance.
- The RSI indicator suggests bearish momentum may be losing steam for the DXY.
- USD buyers reclaiming 102.500 would pave the way to challenge 103.000; otherwise, the DXY could retest YTD lows.
The pair currently trades last at 101.27.
The previous day high was 101.95 while the previous day low was 101.08. The daily 38.2% Fib levels comes at 101.41, expected to provide resistance. Similarly, the daily 61.8% fib level is at 101.62, expected to provide resistance.
The US Dollar Index (DXY), a gauge that measures the value of six peers against the American Dollar (USD), prints minuscule gains of 0.06% as risk aversion takes hold due to the US banking system turmoil, and also on a dovish rate hike by the Fed on Wednesday. At the time of writing, the DXY exchanges hand at 101.298 after hitting a low of 101.027.
The US Dollar Index continues to be trading sideways after bottoming at around 100.788 in April 14, capped on the upside by the 20 and 50-day Exponential Moving Average (EMA), which are acting as a dynamic resistance, each at 101.808 and 102.477, respectively.
The Relative Strength Index (RSI) indicator stays at bearish territory though it has not reached a lower trough, as price action has done it. So, it suggests that sellers are losing momentum.
If DXY buyers want to shift the bias to neutral, they must reclaim the 20 and 50-day EMAs, meaning that the DXY needs to be above 102.477. Once cleared, the next resistance would be the April 10 daily high at 102.807 before challenging 103.000. The uptrend will extend if buyers crack the 100-day EMA at 103.400.
Conversely, if the DXY drops below the May 4 daily low of 101.027, it would immediately expose the YTD low of 100.788 before challenging the 100.000 mark.
Technical Levels: Supports and Resistances
EURUSD currently trading at 101.27 at the time of writing. Pair opened at 101.27 and is trading with a change of 0.0 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 101.27 |
| 1 | Today Daily Change | 0.00 |
| 2 | Today Daily Change % | 0.00 |
| 3 | Today daily open | 101.27 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 101.76, 50 SMA 102.95, 100 SMA @ 103.14 and 200 SMA @ 106.1.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 101.76 |
| 1 | Daily SMA50 | 102.95 |
| 2 | Daily SMA100 | 103.14 |
| 3 | Daily SMA200 | 106.10 |
The previous day high was 101.95 while the previous day low was 101.08. The daily 38.2% Fib levels comes at 101.41, expected to provide resistance. Similarly, the daily 61.8% fib level is at 101.62, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 100.92, 100.56, 100.05
- Pivot resistance is noted at 101.79, 102.31, 102.66
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 101.95 |
| Previous Daily Low | 101.08 |
| Previous Weekly High | 102.18 |
| Previous Weekly Low | 101.01 |
| Previous Monthly High | 103.06 |
| Previous Monthly Low | 100.79 |
| Daily Fibonacci 38.2% | 101.41 |
| Daily Fibonacci 61.8% | 101.62 |
| Daily Pivot Point S1 | 100.92 |
| Daily Pivot Point S2 | 100.56 |
| Daily Pivot Point S3 | 100.05 |
| Daily Pivot Point R1 | 101.79 |
| Daily Pivot Point R2 | 102.31 |
| Daily Pivot Point R3 | 102.66 |
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