Technical Analysis – Will US dollar index recover further?
- US dollar index rises above downtrend line
- Next resistance near 200-SMA
- Momentum oscillators look overstretched
The US dollar index has been in a bullish corrective mode over the last five days, rebounding from the 14-month low of 99.84. The price successfully surpassed the 20- and 50-day simple moving averages (SMAs) and the short-term descending trend line.
However, the technical oscillators are mirroring the latest declining move indicating the end of the upside movement. The stochastic is posting a bearish crossover within its %K and %D lines in the overbought region, while the RSI is moving horizontally above the 50 level.
More upside pressure could open the door for the 103.30 resistance and more importantly for the 200-day SMA at 103.50, that would add some optimism for a change of the broader neutral outlook.
On the flip side, a dive back beneath the 101.90 support level could meet immediate support at the falling trend line and the 50-day SMA at 101.50. Beneath these obstacles, the 101.15 hurdle is coming next, as well as the 14-month trough of 99.84.
To sum up, the dollar index is experiencing a notable positive rally lately but this is still not enough to change the broader picture to bullish.
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