US Dollar Index Price Analysis: Next on the upside comes 104.21

DXY adds to the weekly rebound above 103.00 on Friday.
Further gains face an interim hurdle at the Fibo level at 104.21.

Pablo Piovano FXStreet

DXY keeps the march north unabated and extends the recover to the 103.70 zone at the end of the week.

Considering the ongoing price action, further gains now look probable. Against that, the next interim barrier comes at the Fibo level (of the 105.00-101.29 drop) at 104.21ahead of the 2022 peak at 105.00 recorded on May 13.

As long as the 3-month line around 101.30 holds the downside, the near-term outlook for the index should remain constructive.

Looking at the longer run, the outlook for the dollar is seen bullish while above the 200-day SMA at 97.24.

DXY daily chart

Dollar Index Spot

Overview
Today last price	103.62
Today Daily Change	62
Today Daily Change %	0.30
Today daily open	103.31

Trends
Daily SMA20	102.57
Daily SMA50	101.99
Daily SMA100	99.6
Daily SMA200	97.21

Levels
Previous Daily High	103.37
Previous Daily Low	102.15
Previous Weekly High	102.74
Previous Weekly Low	101.3
Previous Monthly High	105.01
Previous Monthly Low	101.3
Daily Fibonacci 38.2%	102.9
Daily Fibonacci 61.8%	102.61
Daily Pivot Point S1	102.51
Daily Pivot Point S2	101.72
Daily Pivot Point S3	101.29
Daily Pivot Point R1	103.74
Daily Pivot Point R2	104.16
Daily Pivot Point R3	104.96

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

RBNZ set to pause interest-rate easing cycle as new Governor Breman faces firm inflation

The Reserve Bank of New Zealand remains on track to maintain the Official Cash Rate at 2.25% after concluding its first monetary policy meeting of this year on Wednesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.