Two Trades To Watch: FTSE, US Dollar Index - Wednesday, Mar. 31

Where next for the US Dollar Index? 

The US Dollar Index is holding steady at 93.40 in early trade hovering around a level last seen in November last year. 

DXY has broken above its descending trendline dating back to late September, it has also pushed above the 200 sma on the daily chart and pushed above its 2 month ascending resistance trendline, a set up which favours the bulls.  

Any move higher will need to overcome resistance around 94.30 (high Nov 5) and a key resistance of 94.74 the late 2020 high. 

On the fliop side, failure to hold above the trendline resistance at 93.10 could see the DXY attack a crucial support around 92.30 the confluence of the 200 sma and the descending trendline. A break below here brings 92.00 round number into the picture ahead of 91.20 the 50 sma. 

 

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