The USDX has started with a Runaway Gap, which could signal a possible start of a Bearish move.
For those who followed the Previous Post on Quarterly Review on Dollar Index, we layout 2 possible outcomes, both the Bullish and Bearish. And last week’s price action revealed that the market is bearish on USDX and even today, the gap down to below April’s Low has confirmed the bearish outlook. This also means that the market had rejected the interim support levels found between Last Fri close and today’s open, which enhanced the current bearish view of USDX.
On a daily outlook, the next level of support for USDX could be below 80.00, nearer to 79.80 region.
4 Hourly Chart of USDX
