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  • DXY maintains a muted tone in the Asian session.
  • Holding onto the rising trend line keeps the bulls hopeful.
  • Bearish oscillator warrants caution for aggressive bids.

The US Dollar Index (DXY) sustained the previous day’s decline and is consolidating near the 91.60 level after testing multi-week lows.

At the time of writing, DXY is trading at 91.68, down 0.01% on the day.

DXY daily chart

On the daily chart, the dollar index has been consolidating in a narrow range where lows are kept near the 50-daily moving average (DMA), placed at 91.65. That level coincides with the extension of the upward slope line from the lows of March 25 near 89.70.  

On moving down, the prices could test immediately placed horizontal support zone near the 91.35 level.

A sustained move below the mentioned level would bring 100-DMA placed at 91.03  into the picture. A breach of 100-DMA would confirm a bearish trend after reaching monthly lows near 90.60.

On the flip side, the Momentum Average Convergence Divergence (MACD) indicator holds above the midline, although with a bearish crossover.  
A slight upward move would bring the bulls back in motion, where they would first locate Wednesday’s high near 91.85 and then move towards a psychological level of 92.  

The price would further march toward April 7 highs in the vicinity of 92.50.

DXY additional levels