US Dollar Index Price Analysis: DXY bears attack 93.70 key support

• DXY remains pressured after three-day downtrend, fades corrective pullback.
• 10-DMA, short-term rising trend line and August highs constitute immediate support confluence.
• Recovery moves need to stay beyond 94.00 to convince buyers.

US Dollar Index (DXY) fails to overcome the recent bearish trajectory, drops back to 93.80 during Tuesday’s Asian session.

In doing so, the greenback gauge prints a four-day downtrend while teasing the key support joins surrounding 93.70, which includes 10-DMA, an ascending support line from the mid-September and August month’s high.

Given the bullish MACD, the DXY sellers are likely to step back from the 93.70 level, a break of which will direct them towards a horizontal area comprising multiple highs marked since late March near 93.45.

It should be noted, however, that a sustained weakness past 93.45 will be a blow to the US Dollar Index bulls trying to defend the 93.00 threshold.

On the contrary, the 94.00 round figure restricts the quote’s immediate upside ahead of the recent high close to 94.50.

If DXY bulls cross the 94.50 hurdle, the September 2020 peak around 94.75 will be in focus.

DXY: Daily chart

Trend: Further upside expected