Uncle Buck is Bouncing But Not Bullish

US dollar index daily and monthly charts

DXY continues to bounce but cannot be called bullish because…

  • It marked a lower low to June 2019 in March.
  • It has thick resistance overhead, including the converging daily moving averages.
  • Per the 2nd (monthly) chart, it made a lower high in March on that whipsaw from a lower low.

dxy

There is also monthly RSI negative divergence. Still, Uncle Buck does not die unless it loses major cyclical bull market support at 88. That’s what the Trump admin and Powell are gunning for in the currency devaluation sweepstakes.

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