Technical Analysis of the US Dollar: Expectation of an End to the Rally and Start of a Correction

After the Dollar reached all targets of the previous report, the upward journey is likely over, and we have begun the corrective decline. Following the prices hitting the 99.97 levels, we notice liquidity being drawn from these levels, which represent the peak of a 3-month candle and are significant liquidity levels. Also, we observe a price decline and the formation of a bearish zone (4H FVG). Prices are currently trading around the 99.57 levels. The US Dollar is expected to decline during the day.

Key Economic News: Quiet Anticipation for the Jobs Report

There is no important news today; therefore, the movement is expected to be relatively calm, in anticipation of the Jobs Report (NFP) tomorrow, Friday.

Liquidity Levels and Expected Targets

Prices are expected to decline and target the 99.33 level, followed by the 99.03 level. The bearish scenario is negated if the prices visit the 99.97 level.