- US Dollar Index takes offers to extend three-day downtrend.
- Two-week-old ascending support line, oversold RSI conditions challenge immediate downside.
- Sellers need validation from 103.75 before eyeing the monthly low.
- Key HMAs, weekly resistance line probe DXY bulls.
US Dollar Index (DXY) remains pressured towards a two-week-old support line as it drops to 104.08 during early Tuesday. In doing so, the greenback’s gauge versus the six major currencies declines for the third consecutive day.
That said, the DXY’s recent downside past the 100-Hour Moving Average (HMA) joins the previous U-turn from a one-week-old descending resistance line to keep bears hopeful. However, the oversold RSI (14) conditions challenge the quote’s further downside.
As a result, an upward-sloping support line from December 14, close to the 104.00 round figure by the press time, restricts the quote’s immediate…
