Michael_Macdonald-XATSUK

USD DXY Index under pressure in the coming weeks

TVC:DXY   U.S. Dollar Currency Index
The USD DXY Index is coming under increased selling pressure.

Prices have fallen sharply from the 101.79 high of 14 March, with falling momentum studies and the weakening Tension Indicator (not shown) expected to keep prices under pressure. A break below the 99.63 low of 6 February will open up critical support at the 99.23 monthly low of 2 February and 99.27, (38.2%) Fibonacci retracement of the 2016-2017 rally.

A further break will confirm a deeper reaction, as the January bear trend gains traction and investors move to a negative stance, with next significant support at the 97.87, (50%) Fibonacci retracement .

An unexpected close above the 102.26 high of 2 March is needed to confirm further USD strength, and open up fresh gains towards the 102.70/75 area.
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