Bearish signs are showing in the Dollar hourly chart presented above. The recent rally in price action found support at the 200 period moving average (the red line). Several instances price managed to slighlty overshoot the red line before resuming its uptrend. The slope of the moving average is key when evaluating trend, price action, and support/resistance levels. Moving averages act as support in uptrending markets and act as resistance in downtrending markets. In uptrends, prices rise and retrace at or near the rising moving average. In downtrends, prices decline and retrace/overshoot the declining moving average. The chart reveals to us that now the 200 period moving average is sloping down. I expect prices to continue their descent until the red line flattens out and begins an upward slope.
Lastly, the MACD indicator shows a backtest of the broken trendline, which is bearish. The indicator shows lower highs, lower lows and resistance met at the centerline.