The dollar fell last week after rejected from the middle band in the weekly timeframe.
At the same time, the dollar has also broken below a rising trendline and a rebound was rejected again just before the market close last Friday.
The dollar continues to show weakness but do expect a ranging market before any significant downside.
If the price continues to stay supported at 90.3, we could expect a stronger rebound towards the supply zone at 91, then we will have a better price to continue selling the dollar.
Otherwise, the dollar is expected to continue to trade lower and test the demand zone at 90.
Once the price breaks below 90, the dollar will be considered oversold and buyback will be expected.
At the same time, the dollar has also broken below a rising trendline and a rebound was rejected again just before the market close last Friday.
The dollar continues to show weakness but do expect a ranging market before any significant downside.
If the price continues to stay supported at 90.3, we could expect a stronger rebound towards the supply zone at 91, then we will have a better price to continue selling the dollar.
Otherwise, the dollar is expected to continue to trade lower and test the demand zone at 90.
Once the price breaks below 90, the dollar will be considered oversold and buyback will be expected.
