USD slips bearish

USD

Daily

The green 3-day EMA has crossed below the black 5-day EMA (death cross).

This is a sell-mode scenario.

Moreover the RSI(9) has dipped below 50 and is indicative of downwards momentum.

Yesterday’s candle’s range was relatively large, charting a lower high, lower low and a down-close.

This indicates a big push by the bears.

USD

Hourly

The left pane shows the USD Index from 3 Nov.

There is a series of lower peaks and lower troughs.

Yesterday’s price action charted the lower trough (green circle).

Thus the hourly trend is down.

The right pane shows the USD Index from 9 Nov.

The green 3-hour EMA is below the black 5-hour EMA.

This is a sell-mode scenario.

The RSI(9) is below 50, supporting downside momentum.

The MACD histogram is ticking down.

Conclusion

The trend following indicators are down on the daily chart.

The RSI(9) has ticked below 50.

The hourly trend is down.

Based on this price action we feel that there is still potential for some more downside ahead.

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