US Dollar Index: DXY Approaches November High
The US Dollar Index may continue to retrace the decline from the November high (107.11) as it extends the series of higher highs and lows from last week.
DXY Outlook
Keep in mind, DXY bounced back from the 50-Day SMA (104.13) to stage a five-day rally, with the advance in the index pushing the Relative Strength Index (RSI) into overbought territory for the first time in 2024.
The move above 70 in the RSI is likely to be accompanied by a further advance in DXY like the price action from last year, with a breach above the November high (107.11) bringing the October high (107.35) on the radar.
Need a close above 107.20 (38.2% Fibonacci extension) to open up the 109.00 (50% Fibonacci extension) to 109.40 (78.6% Fibonacci extension) region, but failure to test the November high (107.11) may curb the bullish price action in the US Dollar Index.
Lack of momentum to hold above 105.80 (61.8% Fibonacci extension) may push DXY back towards 105.00 (23.6% Fibonacci extension), with the next area of interest coming in around the monthly low (103.88).
--- Written by David Song, Strategist at FOREX.com
DXY Outlook
Keep in mind, DXY bounced back from the 50-Day SMA (104.13) to stage a five-day rally, with the advance in the index pushing the Relative Strength Index (RSI) into overbought territory for the first time in 2024.
The move above 70 in the RSI is likely to be accompanied by a further advance in DXY like the price action from last year, with a breach above the November high (107.11) bringing the October high (107.35) on the radar.
Need a close above 107.20 (38.2% Fibonacci extension) to open up the 109.00 (50% Fibonacci extension) to 109.40 (78.6% Fibonacci extension) region, but failure to test the November high (107.11) may curb the bullish price action in the US Dollar Index.
Lack of momentum to hold above 105.80 (61.8% Fibonacci extension) may push DXY back towards 105.00 (23.6% Fibonacci extension), with the next area of interest coming in around the monthly low (103.88).
--- Written by David Song, Strategist at FOREX.com
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