How to Trade the US Dollar Selloff

1 сент. 2020 г.

The US dollar just can't seem to get a break. It has been persistently sold off, and appeared to gain some steam last weak as it ranged about 92.25 to 93.44. But this was merely a pause to the overall trend, and relentless selling began again yesterday. It solidly broke 92.25, and careened to the next level of support, which we clearly outlined in the ghostsquawk-vip channel yesterday. This level is 91.82, and is extremely significant because it marks the first time the dollar has entered the 91 handle in over a year. It us currently holding on for dear life at this level, and it does not look like it will hold. For the next level of technical support we seem to find agreement between the next technical level at 90.96 and an inverse Fibonacci extension at 91.08. Either way, there is a huge vacuum zone below if current levels do not hold.