Idea for next week.
The Dollar Index (DXY) is currently trading at $104.123, up by 0.10%, but hovers close to a key pivot point at $104.144. This level aligns with the 50-day EMA of $104.146, marking it as a critical zone for short-term direction.
Should DXY break above $104.15, we might see upward momentum build, pushing toward immediate resistance at $104.281, with additional targets at $104.407 and $104.545.
However, if the dollar falls below $104.144, support at $104.006 could be tested, with further downside risk toward $103.820. Traders should note that maintaining above the pivot is essential for sustaining a bullish trend in the near term.
Should DXY break above $104.15, we might see upward momentum build, pushing toward immediate resistance at $104.281, with additional targets at $104.407 and $104.545.
However, if the dollar falls below $104.144, support at $104.006 could be tested, with further downside risk toward $103.820. Traders should note that maintaining above the pivot is essential for sustaining a bullish trend in the near term.
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