Dollar Flirts With Trendline Support
Near Term Outlook for the US DollarAfter tagging a short-term downside whipsaw reversal target of 74.35 last Thursday, the US Dollar is just a whisker away from (TLS) trendline support on the daily bar chart.
Near-term, if daily TLS fails, it elects a bearish downside sell trigger upon breach of this nearby support trajectory. From such a breach, we’re looking at a downside risk potential in excess of 3-points.
Short-term, Dollar bulls have their work cut out as they must first defend horizontal support at 74.19 then run price back up well north of the recent pivot high at 74.69. If they fail, 73.92 is the nearest downside price target vs. that pivot.
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