{"id":39571,"date":"2022-12-27T11:45:00","date_gmt":"2022-12-27T11:45:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=39571"},"modified":"2022-12-27T18:24:37","modified_gmt":"2022-12-27T18:24:37","slug":"dxy-technical-analysis-sentiment-warning","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/dxy-technical-analysis-sentiment-warning\/","title":{"rendered":"DXY Technical Analysis – Sentiment warning"},"content":{"rendered":"\t\t
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The US dollar index<\/a> has started to be exhibited signed of breaking out to the downside, as the index breaks under its 200-day moving average and is still heavily bought by retail traders.<\/p>

The mentioned break under the US dollar index\u2019s 200-day moving average is a significant event from a technical perspective as it now means that the buck is now in a down trend.<\/p>

I think more downside is likely ahead until we see a relief rally. I also believe eventually the US dollar index could reach the 102.00 level based upon the short-term technical picture.<\/p>

This is also confirmed by sentiment analysis, as it shows that the majority of traders are very long the US dollar index, which likely means more short-term pain ahead.<\/p>

On the fundamental front I think a move lower in stocks could cause a flight into the greenback, thus it could be we are about to see a lower and then higher scenario.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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According to the ActivTrader Market Sentiment tool some 71% of traders are bullish towards the US dollar index, which certainly hints that bulls could be in for more pain this week.<\/p>

Overall, with retail traders still positive we are probably going to see the US dollar index heading lower. Although the pace of this week\u2019s decline is pretty significant already.<\/p>

US dollar index Short-Term Technical Analysis<\/strong><\/p>

Technical analysis on the four-hour time frame shows that a bullish falling price channel is starting to play out. The price is likely to test the channel bottom which is the immediate downwards price target.<\/p>

I would be inclined to look for a short-term move towards the 102.00 area. The mentioned time frame is also showing a clear break under the 103.00 support level.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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US dollar index Medium-Term Technical Analysis<\/strong><\/p>

The daily time frame is showing that US dollar has broken under its 200-day moving average, so far one technical test of the key moving average has failed.<\/p>

For now, in order for the downtrend in the US dollar index to really stick technically, we probably need to see the 106.00 area defended. A bearish head and shoulders pattern is also seen.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

The US dollar index has started to be exhibited signed of breaking out to the downside, as the index breaks under its 200-day moving average and is still heavily bought by retail traders. The mentioned break under the US dollar index\u2019s 200-day moving average is a significant event from a technical perspective as it now […]<\/p>\n","protected":false},"author":4,"featured_media":16416,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[40],"yoast_head":"\nDXY Technical Analysis - Sentiment warning - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/dxy-technical-analysis-sentiment-warning\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DXY Technical Analysis - Sentiment warning DXY Technical Analysis - Sentiment warning\" \/>\n<meta property=\"og:description\" content=\"The US dollar index has started to be exhibited signed of breaking out to the downside, as the index breaks under its 200-day moving average and is still heavily bought by retail traders.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/dxy-technical-analysis-sentiment-warning\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-27T11:45:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-27T18:24:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/10\/GettyImages-488850737-1-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"664\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"DXY Technical Analysis - 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