The dollar broke away from a rising structure after breaking below a 1-month rising channel and a demand zone around 93.6.
The MACD is also about to cross below level zero which indicates a sustainable bearish trend to follow.
The market sentiment seemed to have turned risk-on again in anticipation of the fresh stimulus package.
It has also taken the dollar a little more than 3 months of retracement and consolidation since the completion of a previous bearish trend to once again resume depreciation.
This week, we expect the dollar to continue weakening towards 92 and traders may wait for a pullback towards 93.38 to sell the dollar.
The MACD is also about to cross below level zero which indicates a sustainable bearish trend to follow.
The market sentiment seemed to have turned risk-on again in anticipation of the fresh stimulus package.
It has also taken the dollar a little more than 3 months of retracement and consolidation since the completion of a previous bearish trend to once again resume depreciation.
This week, we expect the dollar to continue weakening towards 92 and traders may wait for a pullback towards 93.38 to sell the dollar.
