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5 May 2020
US Dollar Index Asia Price Forecast: A break above 100.00 mark remains elusive on DXY
- US dollar index (DXY) spikes to the upside on Tuesday
- The 100.00 figure can be a tough nut to crack for now.
DXY daily chart
The US Dollar Index (DXY) gapped up this week above the 50 SMA on the daily chart. However, the index confined within limited ranges and the below the 100.00 psychological mark.
DXY four-hour chart
DXY had a spike up on Thursday but remains limited not only by the 100.00 mark but also by the critical 200 SMA on the four-hour time frame. A failure here with a potential subsequent break below the 99.60 support can attract further selling and a drop to the 99.25 and 98.90 levels. On the flip side, if bulls capitalize on the recent spike and break the 100.00 hurdle the market can have room to move towards higher levels.
Additional key levels