US Dollar Index Technical Analysis: Greenback bears about to take over after Elliot wave pattern - 96.00 target

DXY daily chart

• The US Dollar Index (DXY) has printed a 5-wave Elliot pattern. The Greenback is likely in correction mode with a potential target at 96.00 figure.
• This Thursday DXY has printed a second indecision bar on the daily chart. 
• The path of least resistance is to the downside. 

DXY 4-hour chart

• DXY is trading above its 50, 100 and 200-period simple moving average suggesting that the bullish momentum is still quite present. 
• However, the RSI, MACD and Stochastic are all decelerating.  

DXY 30-minute chart

• The 97.40 level has been the main interest of traders this week. A break above the level on a daily closing basis is needed for a resumption up. 
• On the flip side, bears will try to break below 96.80 support (green line) with a target at 96.00 figure. That is the most likely scenario.

Additional key levels at a glance: