The US dollar has been sent back to its level in 2016 as the US data starts to kick in and weigh on sentiment surrounding the US economy now that central banks are seen providing sufficient dollar liquidity in FX swap lines. However, from a technical standpoint, the golden ratio has been targetted which could song the long-term bulls back to life, protecting a ket support structure.
Dollar Index weekly chart headed towards strong support structure
Scaling out to the weekly charts, we can see the support structure which is made up of a key volume location over the months of resistances and supports. There is more downside in this move until significant and intricate supports are tested within the area.
Dollar Index daily chart reaches towards 61.8% Fibo
However, a big test will be the 61.8% Fibonacci of the recent rally which could be on the cards considering the breach below he 50% mean reversion.
Dollar Index 4-hr chart reaches breaches 50% Fibo
The 50% target has indeed been breached and the close below the 13th's high is significant considering the price action prior whee the 38.2% Fibo held upside attempts. Bears remain in control.
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