The U.S. Dollar Index closed last week under the 1W MA50 for the first time since August and that signals the bearish extension of the decline that started on the October High. Naturally, the 1W technical outlook has turned bearish (RSI = 42.067, MACD = 0.190, ADX = 46.054) but the 1D is oversold (RSI = 29.749) and calls for a rebound in order to harmonize this...
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DXY H4 - As tedious as it's been, we still have no breakout on the dollar to report unfortunately, lower timeframe would suggest a bearish break, but higher timeframe may suggest daily support and therefore possible upside relief rallies. Inching closer towards a breakout, hopefully we see something today, which may set us up for next week.
DXY is approaching its support at 95.98 (horizontal overlap support, 100% fibonacci extension , 61.8% fibonacci retracement ) where it could potentially bounce to its resistance at 96.28 (horizontal pullback resistance, 61.8% Fibonacci extension , 38.2% &50% Fibonacci retracement ).
Stochastic (34, 5, 3) is bounced off its support where a corresponding rise could...
