The descending move in the RSI and the slowdown in the stochastic justify the selling pressure, as both remain near their negative thresholds, keeping the short-term risk skewed to the downside. The MACD is also comfortably within the negative territory and below its red signal line, losing some further steam.
Should selling forces strengthen, the ten-month trough of 75.28 will come under the spotlight. The 200-weekly SMA could also turn as support near the 65.87 barrier, while moving lower the long-term picture could be strongly bearish, testing the 57.25 mark, registered in April 2021.
WTI crude oil slips towards 10-month low
The U.S. dollar, measured by the DXY index, trades lower for a second straight day as the greenback faced severe selling pressure after weak U.S. PMIs and “dovish” FOMC minutes…