US Dollar Index Depreciates

An updated view of the US dollar index chart on the daily timeframe. We have recently seen price show a 50.0% Fibonacci retracement, which led price to form a new lower high flowing with the downtrend market structure.

Price has since slowly made its way further bearish after rejections from the 20EMA, we did see slight choppiness until price broke the 11855 support. Since price broke the 11855 support price has run predominantly bearish creating a new daily lower low.

We have seen price achieve the -27.2% Fibonacci extension level at 11768. Last weeks weekly candle has closed strongly bearish after several spinning tops. It seems that market participants are now looking for price within the US Dollar to continue bearish, which means further dollar weakness.

Chart: US Dollar Index, D1