Michael_Macdonald-XATSUK

Corrective USD DXY Index pullback underway

TVC:DXY   U.S. Dollar Currency Index
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The anticipated corrective pullback is developing, as momentum studies continue to weaken and the bullish Tension Indicator, not shown, unwinds.

The break of the 100.80, (38.2%) retracement of the Nov-Jan rally is opening up critical support within 99.43/85, but this area is expected to underpin immediate tests, as background studies continue to improve and investors maintain a buy-into-weakness strategy.

A break, however, would negate higher levels as investors subsequently move to a cautious stance.

Following a corrective setback, fresh USD gains are looked for, with a close above the 103.82 high of 3 January opening up historic congestion around 105.00 as the May 2016 rally extends.

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