US Dollar Index Price Analysis: Picks up bids above 92.50 support confluence

• DXY remains firmer, keeps the previous day’s bounce off the key support.
• Receding bearish bias of MACD keeps buyers hopeful.
• Ascending trend line from July 30 joins 100, 200-SMA to challenge the bears.

US Dollar Index (DXY) holds onto the previous day’s recovery moves around 92.65 during early Tuesday. In doing so, the greenback gauge justifies its bounce off a convergence of the key SMAs as well as the short-term rising trend line.

Given the easing bearish bias of the MACD signals, the latest rebound is likely heading towards a horizontal area comprising multiple levels marked since July 28, near 92.75.

However, any further upside will be challenged by a 17-day-old horizontal area surrounding 93.00, a break of which could propel the quote towards the latest top, also the highest since April, near 93.20.

Meanwhile, a sustained trading below the 92.50 crucial support will not hesitate to challenge the 92.00 threshold.

It’s worth noting that the late July levels close to 92.20 and 91.78 act as extra filters for the pair’s near-term moves.

DXY: Four-hour chart

Trend: Further recovery expected