Some key levels that are being tested:
- 200 week MA Currently at 92.4
- The breakout support line as indicated on the graph
- 2016 Low at 91.92
A break of the 2016 low could see the dollar heading for 86 to 87
We might see sideways action between 92 and 95 for a week or two before it heads up or the final blow towards sub 90 is given.
Overall bearish sentiment and oversold levels are at the worst levels seen in a decade and this whilst the US economy is really not performing badly.
I have to wonder it has not been overcooked and that it might be time to take the dollar out of the frying pan so that the upward move can start.
- 200 week MA Currently at 92.4
- The breakout support line as indicated on the graph
- 2016 Low at 91.92
A break of the 2016 low could see the dollar heading for 86 to 87
We might see sideways action between 92 and 95 for a week or two before it heads up or the final blow towards sub 90 is given.
Overall bearish sentiment and oversold levels are at the worst levels seen in a decade and this whilst the US economy is really not performing badly.
I have to wonder it has not been overcooked and that it might be time to take the dollar out of the frying pan so that the upward move can start.