DXY is trading much lower than the 1W MA50 and is unphazed by the 1W technicals that are quickly approaching an oversold state (RSI = 35.543, MACD = -0.830, ADX = 32.507). With the pattern that has been confirmed as a Head and Shoulders since the September peak, it is possible to see a straight continuation of the downtrend to at least the 1W MA200.
Since mid November we see a straight Channel Down leading the price to the imporant 101.260 Support (May 30th low). A similar bearish Channel while the RSI was that low on 1W was formed during the 2017 downtrend that hit the 1W MA200 with ease.
As a consequence, a breach of the 101.260 Support will be all the confirmation we need to extend our selling and target the 1W MA200 on the long term.
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The US dollar is turning into hot garbage right now. Recessions aren't "confirmed" until a year after or they're nearly over. Also, a nice dollar fakeout this am too lol. Halted trading? nothing to see here folks. Just "Recession" bear market fomo. Cover shorts and move on.
Great technical analysis, I think price will soon show who is right)) Thanks)
DeGRAM
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I really enjoyed looking through your trading ideas.
RamziAbouAbdallah-CMT
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Good job
Solldy
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I second that! It's a little early to make a prediction now, of course, but all the arguments are the same as the ones I highlighted for myself. So, my scenario is almost completely the same)
UnknownUnicorn493766
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shoulder, head, and a relaxed left arm it looks like. Down we go.