The technical outlook of DXY primarily mirrors a bullish dominance with a lurking bearish comeback. The Relative Strength Index (RSI) records a negative slope in negative territory, hinting at heightened selling momentum by bears. The relentless bearish push has, however, proven insufficient as the pair still trades above the 100 and 200-day Simple Moving Averages (SMAs).
Furthermore, the Moving Average Convergence Divergence (MACD) reports rising red bars, hinting that bears are gaining ground. The bearish signal should be taken seriously as the sellers pushed the index below the 20-day SMA. However, the longer-term SMAs remain as strong supports to defend the overall bullish outlook
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