The Dollar Index approaches potential support at 103.00. As reported by Société Générale analysts, a break below this level would trigger significant losses down to the 100 level..
Death Crossing Points Toward A Deeper Correction
“The daily MACD has started to post positive divergences, however, signs of a significant bounce are not yet visible. The 50 DMA is about to cross below the 200 DMA, forming a death cross; this points to one persistent downtrend.”
“The test of 103 could lead to an initial bounce, however, a break above the confluence of the SMAs at 105.80/106.50 is essential to affirm a meaningful move higher.”
“Failure to defend 103 could mean a continuation of the slide towards last June’s low at 102/101.30 and 100.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
