Sep 26, 2022, at 1:35:13 PM GMT
DXY adds to the ongoing rally and climbs above the 114.00 barrier for the first time since May 2002.
The prospects for extra gains in the dollar should remain unchanged as long as the index trades above the 7-month support line near 106.80. That said, occasional bouts of weakness could be deemed as buying opportunities with the immediate target now emerging at the round level at 115.00 ahead of the May 2002 high at 115.32.
In the longer run, DXY is expected to maintain its constructive stance while above the 200-day SMA at 102.12.
In the longer run, DXY is expected to maintain its constructive stance while above the 200-day SMA at 102.12.
As long as the index trades above the 7-month support line near 106.80, there should be no further gains in the dollar.
Having said that, sporadic periods of weakness could be viewed as opportunities for buying, with the immediate target now emerging at the round level of 115.00 in advance of the high of 115.32 in May 2002.
DXY is anticipated to maintain its positive outlook over the long term while trading above the 200-day SMA at 102.12.
