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