For the time being, I think the DXY is bound to go lower.
At this point, the only way I'd be bullish on the DXY is if it makes a new high above 114.77.
- The RSI support line since December 2020 has broken
- Bearish divergence on the weekly (from May to September 2022)
- Consecutive lower highs
- Parabolic trend is broken
At this point, the only way I'd be bullish on the DXY is if it makes a new high above 114.77.
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On the hourly chart, DXY broke down from the rising wedge.
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Quick update after today's movement. DXY dumped and recovered quickly due to today's FOMC announcement. However, DXY still has a few major resistances that it would need to break in order for it to be bullish.
Both the upper trend line AND the shaded red box need to be broken through for me to change my mind about my idea. Until that happens, I remain bearish.
Both the upper trend line AND the shaded red box need to be broken through for me to change my mind about my idea. Until that happens, I remain bearish.
Comment:
Another bearish day for the DXY. strong rejection at the top of the channel. Retracement down to the bottom of the channel is possible.
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Oh, and by the way, look at that weekly candle for DXY. Looks bearish to me...
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20-week MA is breaking down. Looks pretty bearish to me.
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Flag pattern on the daily also starting to break down.
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Support levels to watch for DXY.