Dollar Breaking 9 Year Rising Trendline
The dollar had the biggest weekly fall in 4 months and broke below a 22-month support level.
At the same time, the dollar is also threatening to break below a 2-year rising trendline which could open the floor for more selling.
In fact, the dollar is destined to fall since it broke below a 2-year rising channel.
Of course, there are a lot of fundamental reasons to support a weakening dollar such a diminishing Treasury yield or a more risk-on market where the global economy is recovering from the pandemic other than the US's ever-breaking of a new high in the daily new COVID cases, as well as a surge in the death rate.
The US and the dollar have surely disappointed the market big time due to the mishandling of the pandemic and allowing a relapse of such magnitude where the current figures of new COVID cases are more than a fold than the highest in April.
The dollar is most likely to extend further downside but not without any pause or pullback.
Once the dollar successfully breaks below the 2-year rising trendline, the next level can be seen at the 2-year demand zone sitting above 93.
At the same time, the dollar is also threatening to break below a 2-year rising trendline which could open the floor for more selling.
In fact, the dollar is destined to fall since it broke below a 2-year rising channel.
Of course, there are a lot of fundamental reasons to support a weakening dollar such a diminishing Treasury yield or a more risk-on market where the global economy is recovering from the pandemic other than the US's ever-breaking of a new high in the daily new COVID cases, as well as a surge in the death rate.
The US and the dollar have surely disappointed the market big time due to the mishandling of the pandemic and allowing a relapse of such magnitude where the current figures of new COVID cases are more than a fold than the highest in April.
The dollar is most likely to extend further downside but not without any pause or pullback.
Once the dollar successfully breaks below the 2-year rising trendline, the next level can be seen at the 2-year demand zone sitting above 93.
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