USD Index to plunge towards 100 on failure to defend 103 – SocGen
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The US Dollar Index is close to potential support of 103. A break below here would open up significant losses to the 100 level, analysts at Société Générale report.
“Daily MACD has started posting positive divergence however signals of a meaning rebound are not yet visible. The 50DMA is about to cross below the 200DMA forming a death cross; this points towards persistent downtrend.”
“Test of 103 could result in an initial bounce however a break above the confluence of the MAs at 105.80/106.50 is essential to affirm a meaningful up-move.”
“Failure to defend 103 could mean continuation in decline towards last June low of 102/101.30 and 100.”
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