DXY topped, is consolidating and targeting the 1D MA100

The U.S. Dollar Index (DXY) has been trading sideways since the March 07 High. This is no unfamiliar territory for the USD as it has last consolidated from November 24 to December 28 2021. The sequence that preceded that consolidation (green) both in price action and 1D RSI terms, is similar to the one that precedes the current consolidation.

The former consolidation ended with a break downwards that dropped to a January 14 2022 low exactly on the 1D MA100 (green trend-line). The 1D MA100 has been unbroken since June 16 2021, forming arguably the strongest long-term Support level. At the moment the 1D MA100 is at 96.112 and rising. Depending on how long this consolidation will last, a contact can be made around 97.000.



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