DXY manages to regain some composure following Monday’s retracement and revisits the 104.20 region on Tuesday.
DXY reverses the negative price action seen at the beginning of the week.
Extra recovery could see the May high around 104.80 revisited.
DXY manages to regain some composure following Monday’s retracement and revisits the 104.20 region on Tuesday
Considering the current price action, another visit to the May peak of 104.79 (May 31) should remain on the table in the relatively near term. From here, the index could target the minor hurdle at the round level of 105.00 ahead of the crucial 200-day SMA, today at 105.53.
Looking at the broader picture, while below the 200-day SMA, the outlook for the index is expected to remain negative.
Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Comments
Log in or sign up to join the conversation.