05.04.202315:00 Forex Analysis & Reviews: U.S. Dollar Index Outlook for April 5, 2023

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The USD outlook is worsening, and its DXY index (CFD #USDX in MT4) is rapidly declining towards the key support levels 100.35 (144 EMA on the weekly chart), 100.00, 99.15 (200 EMA on the weekly chart). A breakdown of the support at 99.15 will significantly increase the risks of breaking the global bullish trend of the dollar, which is still in the global bull market zone, above the support levels 93.40 (200 EMA on the monthly chart), 89.50.

Alternatively, the DXY would resume gains. The reason for resumption of long positions on it can be a breakout of important short-term resistance level 102.43 (200 EMA on the H1 chart), and the first signal to pay attention to is a breakout of short-term resistance level 101.90 (200 EMA on the 15-minute chart) and a local resistance level 102.00.

Only a breakout of the resistance levels 104.00, 104.40 (200 EMA on the daily chart) will bring the DXY into the medium and long-term bull markets zone.

In general, the downward trend prevails, which should give preference to short positions.

Support levels: 101.41, 101.00, 100.35, 100.00, 99.15, 99.00

Resistance levels: 101.90, 102.00, 102.43, 103.00, 103.26, 103.50, 103.95, 104.40, 105.00, 105.85, 107.00, 107.80, 109.25

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