US Dollar DXY Index - Technical Forecast: Bullish
The DXY Index broke a 5-week winning streak last week, losing almost a full percentage point. Still, the Greenback remains around 1.5% higher for March. The rising 20-day Simple Moving Average underpinned prices after bears advanced through an ascending trendline earlier in the week. The 23.6% and 38.2% Fibonacci retracement levels appear to be providing intermediate support and resistance.
A break above the 23.6% Fib level would open the door for bulls to attack the prior 2022 high at 99.41. That could introduce a fresh breakout if prices manage to clear that level. The 100 psychological level – not traded at since May 18, 2020 -- would offer the next major obstacle. The MACD line looks to be on track to cross above its signal line, a bullish sign that may introduce some upside in prices.
US Dollar (DXY) 4-Hour Chart
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