Last month, the US Dollar index (DXY, DX-Y.NYB, USDX) shattered its best respected moving average support lines, which held it for nearly 17 months.
Was that a quick pierce and snap back? Or was this a one way ticket (at least for now)?
Following is the US Dollar Index chart, overlaid with the broken moving average support lines: the 92-day SMA (body) and the 104-day SMA (wick):
Zooming in:
This chart does not suggest a quick pierce and snap back. The US Dollar Index kept its downward move and ended the last session with the lowest daily close since it broke its support.