USDOLLAR Down Trend Continues But Is Oversold
FXCM's USD index, the USDOLLAR remains in a downtrend. The left chart shows the daily time frame and the index is below its black 20-day SMA. The SMA is also pointing down confirming the downwards pressure. We note that the RSI is well below 20 and is oversold (blue rectangle). Moreover, we are looking to see of the index is at support (red shaded horizontal). The right chart shows the RSI at 50 and the hourly EMAs on top of each other. We are looking to see how these resolve because if the EMAs cross bullishly and the RSI moves above 50 than it suggests that we are at the support level as denoted by the red shaded horizontal. We continue to watch.
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