US Dollar Index DXY - Bearish Factors Suggest More Downside
Thoughts on the US Dollar Index (DXY).
Since the 1980s, the 101 range rejected DXY 7 times. Its currently retraced to diagonal resistance flipped support, extending from the early 2000s, now at 101.8.
With the Fed approaching peak rates, this confluence of levels could signal more downside. The next FOMC is a critical one.
If the DXY continues it's descent, commodities, equities, crypto, etc. will respond favorably.
DXY
Since the 1980s, the 101 range rejected DXY 7 times. Its currently retraced to diagonal resistance flipped support, extending from the early 2000s, now at 101.8.
With the Fed approaching peak rates, this confluence of levels could signal more downside. The next FOMC is a critical one.
If the DXY continues it's descent, commodities, equities, crypto, etc. will respond favorably.
DXY