Technical analysis of the US Dollar Index
The US Dollar Index is moving in a downward direction on the 4-hour timeframe. Prices have successfully broken the WFVG zone on the weekly timeframe and are currently trading around 98.79. A continued bearish trend for the US dollar is expected throughout the day.
The price action shows clear weakness in bullish momentum, with lower highs forming, supporting the bearish scenario in upcoming sessions.
If a 4-hour candle closes below 98.50, it will confirm the move toward the lower levels at 98.15 and 97.67.
Key economic news:
There are no major news events on the US dollar, so the movement is expected to remain balanced.
Liquidity levels
Prices are expected to decline, targeting 98.15 and then 97.67.
The bullish scenario is invalidated if the price reaches 99.20.