US Dollar Index Below March 2015 High; Next Level is Below 99
Chart Prepared by Jamie Saettele, CMT
-“DXY continues to trade on parallels that are defined by the 2016 support line (from the May low). The yearly opening price is 102.38 and could influence for a reaction. I’d also pay attention to 100.39 (March 2015 high…here we are 2 years later by the way…basically unchanged!) for support. A break through one of these levels ideally offers something to work with from a trend perspective.” DXY has broken 100.39 so focus is on the trendline (originates at May 2016 low) and 200 day average just below 99.00. If that breaks, then DXY is a full-fledged bear.
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