DXY 1D Death Cross emerging. More pain to come.

4 Jan 2023

The U.S. Dollar Index (DXY) is about to form a Death Cross pattern on the 1D time-frame for the first time in 2.5 years (since July 03 2020). This is technically a very bearish formation (when the 1D MA50 (blue trend-line) crosses below the 1D MA200 (orange trend-line)) and should continue the long-term bearish trend, a long-term move we caught at the very top as you can see on our September analysis:

As the 1D MACD is losing out on its bullish momentum as long as the price gets rejected on the 1D MA200, it will continue to fill the lower Fibonacci retracement levels (from the May 25 2021 Low). As you see those Fib levels match almost perfectly the previous Resistance levels (green zones) during the uptrend. Even though the 0.5 Fib (102.220) is next, our point of interest is the 0.618 Fib (99.210) that could make contact with the 1W MA200 (red trend-line)


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