Near-Term Price Downtrend in U.S. Dollar Index is Powerful

Sept. US Dollar Index
The September U.S. dollar index futures are presently in a seven-week-old downtrend on the daily bar chart and prices just hit a fresh three-month low. The bears have the solid near-term technical advantage and have gained more downside momentum this week. See at the bottom of the chart that the Directional Movement Index (DMI) has a green ADX line reading of 35.11. Any ADX line reading over 30.00 does suggest a strong price trend is occurring in a market. The path of least resistance in the U.S. dollar index remains sideways to lower. See the near-term technical support and resistance levels on the chart. Stay tuned! Jim Wyckoff

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