Dollar extends weakness on rising risk appetite
The dollar index remains weak and fell to the lowest since early March on Tuesday, as its main components: Euro, British Pound, Aussie were boosted by strong risk appetite.
Today’s break below 95.68 (10 June low) signals completion of 95.68/97.78 corrective phase and continuation of larger downtrend.
Bears focus 2020 low at 94.59 (posted on 9 Mar), with break here to spark acceleration towards pivotal Fibo support at 94.12 (Fibo 61.8% of 2018/2020 ascend.
Daily MA’s in firm bearish setup and rising negative momentum support scenario, but oversold conditions warn that bears may pause for consolidation.
Falling 10DMA (96.19) should limit extended upticks and maintain bearish bias.
Res: 95.97; 96.19; 96.36; 96.68
Sup: 95.54; 95.15; 94.59; 94.12