Chart of the Day - Wednesday, August 10th, 2022
August 10, 2022
Today’s Chart of the Day was shared in a note by Austin Harrison (@meanstoatrend). It's a daily candlestick chart of the US Dollar Index ($DXY) over the past year. $DXY slid more than 1% today marking one of its worst days in recent years. Austin points out that it broke below its 50-day moving average for the first time in six months today, ending the longest streak above it since 2015. As we know, Dollar strength has been one of the biggest headwinds for Stocks, and other risk assets this year. Bulls want to see this trend continue to break down. This is a great start for $DXY, but it would be even more constructive to see it fall back below the 2016/2020 highs around $103.