Dollar index inches higher after moving close to the 100-hour MA
As for the dollar index itself, overnight moves saw buyers stumble at breaking above the 97.00 handle and we’ve seen a bit of a retracement thereafter. The lows today so far come close to testing the 100-hour MA (red line) @ 96.395 (low was 96.408) and since then we’re seeing price rebound a little higher.
It’s still early in the day and the session so far has been a rather quiet one with majority of the moves happening in Asian trading and early European trading. Regardless, the slight bounce here is a good sign of confidence that buyers are still in the game and that the near-term bullish bias is still defended – at least for now.