US Dollar Technical Analysis - Heading South of the Range

FX:USDOLLAR   Dow Jones FXCM Dollar Index
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US Dollar has been range bound for quite some time. The start of 2016 marked its highest point at just above 12300 and subsequently saw a pullback (Wave A) to 11670 during May. The bounce (Wave B) certified the strong support below, and we're completing a rise to above 12100.

The rising price has not been reflected in the volume - as we can see on the OBV. A resistance has been hit and it's looking unlikely that this can be passed. Moreover, the Stochastic is showing an overbought market and, much like at the end of May, the Stochastic can indicate a sell off.

We could be nearing the end of Wave B and commencing Wave C. Another sell-off may accelerate the price decrease and move the Dollar towards to the bottom of its range (around 11650). If this support is broken, there is room for a drop to 11560, if not lower - maximum pullback around 11350.

Happy Trading!
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