The dollar index breaks below the trendline support...
The dollar index breaks below the trendline support after a long time. Since 24th May 2021, the dollar index has been rising, but yesterday, after the CPI report was released, DXY dropped below the trendline.
There is no doubt that technically it has started its downtrend after a long period. So now the question is, will DXY continue its downtrend, or may it create a fake breakout?
It is hard to predict. But from the view of technical analysis, it may test at least 93.85 to 93.00 points in the upcoming days. The moving average ribbon also confirms its downtrend.
The USA is under inflationary pressure, and omicron is spreading more than expected. As a result, the Dollar's index point is fluctuated by other significant currencies moves.
If G-7 countries face the same issues, the DXY may pull back to the upside. But it will take some more time at least. The dollar index may visit 93.00 points to 93.00 points within the period very soon.
At least as long as the DXY is holding below the trendline support, Dollar still has chances to drop more against all the major pairs. SO, keep selling dollars as long as the DXY holds below the trendline support.
There is no doubt that technically it has started its downtrend after a long period. So now the question is, will DXY continue its downtrend, or may it create a fake breakout?
It is hard to predict. But from the view of technical analysis, it may test at least 93.85 to 93.00 points in the upcoming days. The moving average ribbon also confirms its downtrend.
The USA is under inflationary pressure, and omicron is spreading more than expected. As a result, the Dollar's index point is fluctuated by other significant currencies moves.
If G-7 countries face the same issues, the DXY may pull back to the upside. But it will take some more time at least. The dollar index may visit 93.00 points to 93.00 points within the period very soon.
At least as long as the DXY is holding below the trendline support, Dollar still has chances to drop more against all the major pairs. SO, keep selling dollars as long as the DXY holds below the trendline support.
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