DXY: Crossed under the 6 month Support. Sell signal.

The US Dollar Index crossed today under the S1 (100.800) for the first time since February 2nd and this sets in motion the second part of this new bearish leg of the Channel Down pattern. The 1D timeframe turned oversold (RSI = 28.999, MACD = -0.360, ADX = 23.314) and with the 1D RSI imitating the November 11th 2022 Low (as well as the MACD), it is likely to get a short term rebound until the oversold state normalizes.

We will use this potential bounce as a sell entry and target the bottom of the Channel Down (TP = 97.770), which potentially completes also a -6.66% decline from the top.

Prior idea:


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