DXY Don't lose sight of the big picture. Still bearish.

The U.S. Dollar Index (DXY) has been somewhat consolidating lately in the past 2 weeks. Last time we warned that upon a pending Death Cross on the 1D time-frame, more pain would come:


It appears that we caught the exact high before a new round of selling on the USD. To maintain a broad perspective, it is useful now to look at the last two times it formed a 1D Death Cross. As you see the drop from the moment of the Death Cross until the bottom was fairly similar, -9.75% and -8.75%. An average drop of this, sets the target on the current Death Cross drop to around 96.000.

The 1W RSI offers a good perspective as to when the price hits the middle of this drop and that is when the RSI makes the first rebound after reaching the 30.000 oversold level. In those 2 past occurrences, it made one last rebound back above the 1D MA50 (blue trend-line) before dropping towards its bottom.


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