US Dollar Index (DX) Futures Technical Analysis – Direction Will be Determined by Trader Reaction to 91.93

March U.S. Dollar Index futures are trading higher and inside its earlier range. The price action earlier in the session helped form a new minor bottom. All this indicates is that momentum may be getting ready to shift to the upside, but it’s going to need help from the Fed minutes.

The main trend is down according to the daily swing chart. A trade through 91.47 will signal a resumption of the downtrend. We could see an acceleration to the downside if the selling volume increases and the Fed minutes are dovish. This move could lead to a test of the September 20 main bottom at 91.00 or the September 8 main bottom at 90.68.

If the minutes are hawkish then look for a possible spike into the major retracement zone at 92.24 to 92.72.

Based on the early price action, the direction of the index the rest of the session will be determined by trader reaction to the long-term uptrending Gann angle at 91.93.

A sustained move under 91.93 will signal the presence of sellers. This could drive the index through yesterday’s low at 91.47 and into the longer-term uptrending Gann angle at 91.31. This is the last potential support angle before the 91.00 and 90.68 main bottoms.

Overtaking 91.93 could trigger a rally into the price cluster formed by the major Fibonacci level at 92.24 and the downtrending angle at 92.31.

The angle at 92.31 is the trigger point for a possible acceleration into the main 50% level at 92.72.