DXY technical analysis: DXY bulls step in, outlook still negative
The technical outlook shows an escalating bullish momentum. The continuous escalation highlighted by the Relative Strength Index (RSI) portrays a more pronounced buying momentum despite it being in negative territory, indicative of a potential bullish market reversal. This in combination with the decreasing red bars of the Moving Average Convergence Divergence (MACD) suggests that the selling pressure is marginally declining.
However, the dynamics change when viewed through the lens of the larger context, where the index is still under the 20, 100, and 200-day Simple Moving Averages (SMAs). This placement reflects that bears have been exhaustively active in market dominance, exerting sustained downward pressure on the DXY, which took the Index to December lows
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