- The 100SMA and 200SMA have produced a bullish crossover for the first time since 2001, the monthly chart of the dollar index (DXY) shows.
- The long-term MA crossovers are widely considered as lagging indicators and tend to work as contrary indicators in the short-term.
- Meanwhile, on the hourly chart, the DXY has built a base around 95.00 for a convincing move toward the immediate resistance of 95.74 (September high). The hourly RSI is also aligned in a more bull friendly manner.
Hourly Chart
Spot Rate: 95.32
Daily High: 95.34
Daily Low: 95.26
Trend: Bullish
R1: 95.37 (previous day’s high)
R2: 95.74 (Sept. 4 high)
R3: 96.98 (Aug. 14 high)
Support
S1: 95.00 (previous day’s low)
S2: 94.70 (100-day moving average)
S3: 94.43 (Aug. 28 low)