DXY: The Ship is Slowly Sinking

1 thg 11, 2022

For the time being, I think the DXY is bound to go lower.

• 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.

2 thg 11, 2022

Ghi chú

On the hourly chart, DXY broke down from the rising wedge.

2 thg 11, 2022

Ghi chú

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.

4 thg 11, 2022

Ghi chú

Another bearish day for the DXY. strong rejection at the top of the channel. Retracement down to the bottom of the channel is possible.

4 thg 11, 2022

Ghi chú

Oh, and by the way, look at that weekly candle for DXY. Looks bearish to me...

10 thg 11, 2022

Ghi chú

20-week MA is breaking down. Looks pretty bearish to me.

10 thg 11, 2022

Ghi chú

Flag pattern on the daily also starting to break down.

10 thg 11, 2022

Ghi chú

Support levels to watch for DXY.