Oil intermarket: Oil tanks despite dovish Fed and lower DXY

Oil has fallen back from the $48 handle yet again and did so on the Fed holding rates and being dovish.

Fed stays on hold, dot plot shows six members expect one rate this year

At the same time, DXY has came off from 94.80 down to 94.35, but has since corrected to 94.60. We have seen similar action in the S&P 500 contract from a high of 2086 and own to 2077 the low, having since corrected to current 2082. 

The Fed came across very dovish, however the Fed fund contract has moved in a similar pattern to the DXY on a daily basis so far, from 153 to 149.70 while longer term 30 y rates continue to slide. Today, the Fed fund rate has dropped from 2.65 to 2.42 and today although that correlation to the DXY has  broken down that may imply a lower DXY to follow and support in the oil to come, targeting $50.00 on a  score back through $48.60 resistance.