The US Dollar is heading for a soft close on the week. Economists at Scotiabank analyze Greenback’s outlook.
USD flashes weak technical signals
The US Dollar Index (DXY) looks technically soft and prone to more losses; daily and weekly price signals are bearish.
The daily chart shows a bearish ‘engulfing’ line and a similar signal is building on the weekly chart. A low close today, at or near current levels, will confirm these signals while a push below last week’s DXY low at 102.77 will add to short-term losses and the generally bearish tone of the charts.
Source: https://www.fxstreet.com/news/the-dxy-looks-technically-soft-and-prone-to-more-losses-scotiabank-202402021337