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17 Nov 2022
USD Index Price Analysis: Extra losses are not ruled out
- DXY gives some signs of life and reclaims 107.00 and above.
- Immediately to the downside emerges the 200-day SMA at 105.00.
DXY reverses two daily drops in a row and manages to reclaim the area above the 107.00 mark on Thursday.
Despite the bounce, the index still remains under scrutiny. That said, a breach of the November low at 105.34 (November 15) should prompt DXY to extend losses to the critical 200-day SMA, today at 105.00. The loss of this important region could put a potential drop to the August low at 104.63 (August 10) back on the radar.
Below the 200-day SMA, the dollar’s outlook should shift to negative.
DXY daily chart
