DXY technical analysis: DXY is poised for a downward move, despite slight bullish indicators
On the daily chart, the Relative Strength Index (RSI) is on a negative slope even as it remains in positive territory, implying that despite the buying momentum, there is increasing bearish pressure. The Moving Average Convergence Divergence (MACD) showcases flat red bars indicating the possibility of a bearish crossover soon. This signals that the selling force could pick up steam in the coming trading sessions.
Additionally, the DXY's position above its Simple Moving Averages (SMAs) suggests a slightly bullish tone in the short term. Although showing a negative short-term outlook, the fact that it remains above the 20, 100, and 200-day SMAs insinuates the undercurrent of the bull forces that could balance out the bear camp
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