It’s been a year since the USD collapse started for real. From May 2020 highs of 100.52 down to January 2021 lows of 89.16. And then came the fightback – a new US Government coupled with the rollout of a vaccination program to end COVID 19, a new stimulus package…and so we saw the USD Index fight back over the first Quarter of the year to peak at 93.50 by the end of March. However, from a technical perspective the fightback could have ended. Here’s what our Fib Retracement tool is telling us:
1. Start of the decline
2. Bottom of the rundown
3. First fib retracement level of 38.2% at 93.50
4. Height of retracement at same price – 93.50
