FxWirePro: DXY Faces Strong Support at 93, Good to Buy at Dips

FxWirePro: DXY Faces Strong Support at 93, Good to Buy at Dips

10 May 2016, 10:30
Roberto Jacobs
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FxWirePro: DXY Faces Strong Support at 93, Good to Buy at Dips

  • Major resistance- 94.13 (21 day MA) 
  • US dollar index has recovered from the low of 93.80 yesterday and closed near to its high (94.20) around 94.15. 
  • It is currently trading around 94.04. Short term trend is lightly bullish as long as support 93.70 (10 day EMA) holds. 
  • Any violation below 93.70 will drag the pair down till 93.25/93/92.60. 
  • On the higher side any break above 94.15 (50% retracement of 95.19 and 91.91) will take the pair till 94.67/95.19/95.35. 
  • The index should close above 95.10 (55 day EMA) for further bullishness.

It is good to buy at dips around 93.80 with SL around 93.25 for the TP of  94.65/95.18.

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