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Elliott Wave Analysis: USD Making A Bearish Reversal, More Weakness After Rally

DXY has been recovering through the month of March but now the USD seems to be turning south after a decisive break below the trendline support connected up from 89.66 level. We see that turn very sharp and impulsive so it’s an important structure that suggests more weakness is coming; ideally, after wave B/2 rally that may occur in the near term. Resistance for a bounce is at 92.50, followed by 92.80 levels from where a new drop will be expected while the invalidation level at 93.42 must not be breached.

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