Bearish pennant configuration in motion, traders!
Following a timid start off best levels a few points ahead of 100.00, buyers fazed into the background last week.
Erasing 1.5%, the US dollar index, or DXY, extended losses for a second successive week and penetrated heavy-duty support on the daily timeframe.
Thursday cut through the lower limit of a bearish pennant configuration (98.27), with Friday taking on the 200-day simple moving average at 98.50 and demand from 98.18/98.65. Clearance of these areas throws light on demand at 96.88/96.60, an area surrounded by a 127.2% Fib ext. level at 97.06 and 78.6% Fib ret level at 96.40. Additionally, traders will note the possibility of moves forming as far south as 93.97, the bearish pennant take-profit target, measured by taking the preceding move and adding the value to the breakout point (yellow).
According to the technical picture, the buck is tipped to browse lower levels this week.
Erasing 1.5%, the US dollar index, or DXY, extended losses for a second successive week and penetrated heavy-duty support on the daily timeframe.
Thursday cut through the lower limit of a bearish pennant configuration (98.27), with Friday taking on the 200-day simple moving average at 98.50 and demand from 98.18/98.65. Clearance of these areas throws light on demand at 96.88/96.60, an area surrounded by a 127.2% Fib ext. level at 97.06 and 78.6% Fib ret level at 96.40. Additionally, traders will note the possibility of moves forming as far south as 93.97, the bearish pennant take-profit target, measured by taking the preceding move and adding the value to the breakout point (yellow).
According to the technical picture, the buck is tipped to browse lower levels this week.
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