- April 16, 2021
- Posted by: Analysis Team
- Category: Forex News
- DXY’s leg lower met contention in the 91.50 region so far.
- A deeper pullback targets 91.30 ahead of the 91.00 neighbourhood.
DXY remains immersed into the bearish territory, although it seems to have met quite decent contention in the mid-91.00s for the time being. This area of support is reinforced by the 50-day SMA, today at 91.59.
That said, a break below this area of recent lows carries the potential to spark another leg lower to, initially, the 91.30 zone, where sit weekly lows recorded in mid-March.
Further south is located the 100-day SMA just above the 91.00 yardstick.
Below the 200-day SMA (92.21) the outlook for DXY is expected to remain on the negative side.
DXY DAILY CHART