The US dollar index is more likely to continue declining
US dollar Index is heading for deeper losses ahead of US retail sales release . The losses in the greenback has been shown in all its main peers on Thursday. Looking at the technical side, the US dollar Index broke from it's wedge formation and took out the ascending trend line support. With 100 Moving Average ahead of it, we could expect further decline if the moving average is successfully penetrated and thus the bears would eye the 93.380 significant level.
Taking a look at USDJPY, we see that it has also penetrated through the support of the rising trendline. We could expect more bearish momentum in this pair and as bears eye the 100 Moving Average. The RSI shows that the pair is bearish and further weaknesses is more likely.
USDJPY Snapshot👇
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Taking a look at USDJPY, we see that it has also penetrated through the support of the rising trendline. We could expect more bearish momentum in this pair and as bears eye the 100 Moving Average. The RSI shows that the pair is bearish and further weaknesses is more likely.
USDJPY Snapshot👇
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