The DXY at the daily view.
It turns out the DXY just broke the RSI supports. Upon further examination, there were FOREX pairs that indicated that the DXY was primed for a bigger pullback. USDJPY and EURUSD were the biggest clues.
The reason why the dollar is weakening is primarily due to the Euro strengthening. As a result a trend line and a RSI resistance were born from this chain of events. A dropping dollar would mean that precious metals and equitiy would have a chance of both rallying. The DXY will be somewhat bullish if it can close the day above the trend line and RSI resistances.
It turns out the DXY just broke the RSI supports. Upon further examination, there were FOREX pairs that indicated that the DXY was primed for a bigger pullback. USDJPY and EURUSD were the biggest clues.
The reason why the dollar is weakening is primarily due to the Euro strengthening. As a result a trend line and a RSI resistance were born from this chain of events. A dropping dollar would mean that precious metals and equitiy would have a chance of both rallying. The DXY will be somewhat bullish if it can close the day above the trend line and RSI resistances.