DXY Below the 1D MA200, 1st time since June 2021, targeting 100.
It is no big secret that the U.S. Dollar Index (DXY) is on a strong bearish reversal. It is something we've been warning the community about since September when we caught the exact top on the Channel and called for a massive reversal:
What however appears to have confirmed the bearish extension is the fact that the DXY broke and closed below its 1D MA200 (orange trend-line) on Thursday, for the first time since June 17 2021. That alone is a very strong sell signal on the long-term, which as we outlined on previous analyses can target the 2.786 Fibonacci extension, which is a little over the 100.00 mark.
As you see, every Low since the September 28 top has been on a former Resistance Zone (green) and the November 15, November 28 ones hit the 1.786 Fib extension. The 2.786 Fib happens to ben just above also the Resistance Zone that made the March 07, 14 and 28 Highs.
On the short-term however, with the 1D RSI near the 30.000 oversold barrier, having formed a clear Support Zone since the November 11 Low, we might see a counter trend rebound to test the 1D MA100 (green trend-line) and 1D MA50 (blue trend-line) as Resistance. Especially if the 1D RSI breaks above its Lower Highs trend-line coming off the September 27 High.
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What however appears to have confirmed the bearish extension is the fact that the DXY broke and closed below its 1D MA200 (orange trend-line) on Thursday, for the first time since June 17 2021. That alone is a very strong sell signal on the long-term, which as we outlined on previous analyses can target the 2.786 Fibonacci extension, which is a little over the 100.00 mark.
As you see, every Low since the September 28 top has been on a former Resistance Zone (green) and the November 15, November 28 ones hit the 1.786 Fib extension. The 2.786 Fib happens to ben just above also the Resistance Zone that made the March 07, 14 and 28 Highs.
On the short-term however, with the 1D RSI near the 30.000 oversold barrier, having formed a clear Support Zone since the November 11 Low, we might see a counter trend rebound to test the 1D MA100 (green trend-line) and 1D MA50 (blue trend-line) as Resistance. Especially if the 1D RSI breaks above its Lower Highs trend-line coming off the September 27 High.
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** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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