King Dollar About To Crash? Long-Term Support Test In Play

Is King Dollar about to fall off the table and experience a large decline? An important long-term support test is in play right now. The US Dollar Index has created a series of higher lows for the past 9-year years along line (1). These higher lows reflect that King Dollar is still in a long-term bull trend.

US Dollar Monthly Technicals

The Dollar may have created a double top at its 61% Fibonacci retracement level of the 2001 highs/2008 lows at (2).

The decline of late has the dollar testing its 9-year rising support line at (3). At this time support is support until broken. If King Dollar breaks this support line at (3), look for it to experience a great deal of selling pressure. Where the dollar ends the month, will send an important long-term message to the currency and metals markets.

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