US Dollar Index - Potential reversal 1 hr chart DXY
What looks about to happen on the US Dollar Index 1HOUR chart is a bearish Moving Average crossover where the 50 MA will move down through the 200 MA. Because it is situated at the bottom of the channel I have drawn, (blue lines... ) the move should knock it down below the channel and that is a significant breakdown. You can see there is support roughly every 50 cents down but owing to the top wedge formation underway, it could indicate a pivot point and a greater bearish trend may occur and we might see a new channel forming to the downside.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.