Is the U.S. dollar's slide at its lowest point yet?
Given that it creates a double bottom pattern on the hourly time frame, the USDX appears to be indicating as much. To demonstrate that an uptrend is in motion, the index must test the neckline around 108.00 and break higher.
Don't miss the opportunity to capitalize on a move over the neckline resistance if it occurs. The 100-simple moving average (SMA) is below the 200 SMA, indicating negative pressure, while technical indicators are still indicating a bearish trend.
Stochastic is also overbought, indicating that the dollar bulls are running out of steam. A downward trend would indicate that selling pressure is increasing and could push the index back to its recent lows or even lower.
