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US Dollar Index (DX) Futures Technical Analysis – Needs to Hold 92.24 to Extend Rally into Close

March U.S. Dollar Index futures are trading higher. Rising U.S. Treasury yields are making the dollar an attractive investment. A weaker Euro is contributing most the gains.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The trend turned up on Monday when buyers took out 92.00. The new main bottoms are 91.51 and 91.47.

The longer-term retracement zone is 92.24 to 92.72.

The short-term range is 93.825 to 91.47. Its retracement zone is 92.65 to 92.93. This zone is the primary upside target.

The best target is the resistance cluster formed by a pair of 50% levels at 92.65 to 92.72. A pair of downtrending Gann angles passes through this zone at 92.68 and 92.70, making them valid upside targets also.

Daily Technical Forecast

Based on the early price action, the direction of the index the rest of the session will be determined by trader reaction to the long-term Fibonacci level at 92.24.

A sustained move over 92.24 will indicate the buying is getting stronger. This could generate the upside momentum needed to challenge the resistance cluster at 92.65 to 92.72. We could see some selling on the first test of this area.

Breaking back below 92.24 and sustaining the move could drive the market back into a long-term uptrending Gann angle at 91.99.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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