US Dollar Index - Potential reversal 1 hr chart DXY

30 Nov 2018

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.