USD Currency index sees signs of weakness at key level

Orlando Gutierrez Learn 2 Trade

The DXY rallied last week to a key level at the top of a bearish structure. NFP friday's fiasco seemed to have little effect on the long term bias of this currency and the 101.00-100.75 zone has a wall of bears behind it.

Technically speaking after the BIG MULTIYEAR 103 level was hit and rejected we entered an immediate bear market dropping 4.55% from high to low to the 98.30 zone. Another long term swing level. It's my opinion that we are not done with the down move and once the bearflñag breaks we will see a big bearish move to test the previous lows or even further. The Fed's current position in monetary and fiscal policy is no help for the appreciation of this currency.

Should 101 and this structure break a retest of the big multiyear level (103.00) will be in play.

Author

Orlando Gutierrez

Learn 2 Trade

Orlando has been involved in the financial markets for about 10 years. His focus is Global Macro and he is a strong believer that the best way to trade the currency markets is focusing on the big picture and holding on to big macro trends.

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