US DOLLAR INDEX TESTING CRITICAL TECHNICAL SUPPORT LEVEL AS SELLOFF ACCELERATESThe US Dollar selloff is displaying no indicators
US DOLLAR INDEX TESTING CRITICAL TECHNICAL SUPPORT LEVEL AS SELLOFF ACCELERATES
- The US Dollar selloff is displaying no indicators of subsiding, however upcoming high-impact financial information releases like China GDP due Friday may create demand for safe haven currencies
- USD worth motion seems to check key technical help ranges with potential to springboard the dollar larger and maintain the broader DXY Index afloat
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The US Greenback selloff continues to realize tempo and has pushed the DXY Index well below the 98.00 price level. But US Greenback draw back during the last two to a few weeks is owed primarily to vital gains in EURUSD and GBPUSD driven by Brexit optimism.
However, dollar weak point has begun to speed up and spillover to different main US Greenback foreign money pairs like USDCHF and AUDUSD. As such, the US Greenback’s longstanding bullish development might be in severe jeopardy if the DXY Index fails to rapidly rebound off close by technical help.
US DOLLAR INDEX PRICE CHART: WEEKLY TIME FRAME (JULY 17, 2017 TO OCTOBER 17, 2019)
Chart created by @RichDvorakFX with TradingView
Yesterday I drew consideration to the US Greenback’s obvious rising wedge pattern etched out during the last two years. The DXY Index now appears to be probing its bullish help…