US Dollar Price Analysis: Bears taking out short-term structure, 103 vulnerable of a test below By fx_ross DollarIndex Fed Technical Analysis
While it has been breaking the short-term structure and the trend from 101.297, as illustrated below, the long-term bullish playbook remains very much in play, at least from a technical standpoint.
The recent bearish impulse took out a number of short-term higher lows in a break of structures . Therefore, the downside is to play for. However, there is a price imbalance that could be mitigated prior to a full-on move to the downside. The break of structure led to a higher high. What could be playing out is a mere run on liquidity across the various currencies supporting the index and the US dollar, aka, a healthy correction in the. In the DXY index, there has already been a 61.8% Fibo correction to 103.33 and a touch below where the price rallied.
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