The technical outlook for DXY indicates a somewhat convoluted scenario. The Relative Strength Index (RSI) showcases a negative posture with a descending trajectory, urging a comprehensive bearish momentum for the index in the short term. Similarly, the visible rise in red bars in the Moving Average Convergence Divergence (MACD) corroborates the increasing selling momentum, providing further weight to the bearish perspective.
In contradiction, the Simple Moving Averages (SMAs) paint a different picture entirely on the broader scale. Despite the bears asserting their presence by pushing the DXY below the 20 and 100-day SMAs, it remains notably above the 200-day SMA. This firm positioning suggests that the bulls are anything but phased, maintaining control over the larger time horizon. Consequently, while the immediate outlook may have the scales tipped in the bear's favor, the ongoing bullish undercurrent cannot be ignored
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