DXY Straight to the 1W MA200 (98.000) is possible
DXY is trading much lower than the 1W MA50 and is unphazed by the 1W technicals that are quickly approaching an oversold state (RSI = 35.543, MACD = -0.830, ADX = 32.507). With the pattern that has been confirmed as a Head and Shoulders since the September peak, it is possible to see a straight continuation of the downtrend to at least the 1W MA200.
Since mid November we see a straight Channel Down leading the price to the imporant 101.260 Support (May 30th low). A similar bearish Channel while the RSI was that low on 1W was formed during the 2017 downtrend that hit the 1W MA200 with ease.
As a consequence, a breach of the 101.260 Support will be all the confirmation we need to extend our selling and target the 1W MA200 on the long term.
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Since mid November we see a straight Channel Down leading the price to the imporant 101.260 Support (May 30th low). A similar bearish Channel while the RSI was that low on 1W was formed during the 2017 downtrend that hit the 1W MA200 with ease.
As a consequence, a breach of the 101.260 Support will be all the confirmation we need to extend our selling and target the 1W MA200 on the long term.
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
## Also DONATIONS through TradingView coins help our cause of increasing the daily ideas put here for free and reach out more traders like you. ##
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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