On the daily chart, the Relative Strength Index’s (RSI) positive slope indicates the presence of upward momentum, albeit in negative territory. This suggests that bears currently have control, though buyers are fighting back. The Moving Average Convergence Divergence (MACD) shows a reduction in red bars, further hinting at sellers losing steam and a potential turn in momentum towards the upside.
Meanwhile, the recent price action seen on the charts shows bulls working toward recovery. The DXY is positioned below the 20-day Simple Moving Average (SMA), indicating recent bearish pressure. However, it remains above the 100 and 200-day SMAs. This positioning suggests that despite recent selling bouts, the long-term sentiment remains in favor of further upside.
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