{"id":54759,"date":"2021-06-15T11:41:30","date_gmt":"2021-06-15T15:41:30","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=54759"},"modified":"2021-06-15T11:41:30","modified_gmt":"2021-06-15T15:41:30","slug":"dollar-struggles-gold-consolidates-oil-to-triple-digits","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2021\/06\/dollar-struggles-gold-consolidates-oil-to-triple-digits\/","title":{"rendered":"Dollar Struggles, Gold Consolidates; Oil To Triple Digits?"},"content":{"rendered":"

The U.S. dollar index (DXY)<\/a><\/strong> finally entered the anticipated<\/a> corrective phase as I called for it last month<\/a>.<\/p>\n

\"US<\/a> <\/p>\n

The confirmation came with the breakup of a gray resistance. The structure is not as sharp as I expected as the price is still below the Fibonacci retracement zone. All spikes are still around the initial breakout peak, around 90.5.<\/p>\n

The RSI accurately predicted the reversal with the Bullish Divergence, although the progress does not impress with the reading around the neutral 50 level. The thing is that the current level is enough to resume the sales of the dollar as the indicator retraced from the oversold area. <\/p>\n

The touchpoint with the red resistance coincides with the 50% Fibonacci retracement level at 91.49. The price still could make another sharp move up to reach at least the minimum retracement notch of 38.2% at 91.03. After that, the collapse of the DXY could resume. <\/p>\n

Indeed, the dollar struggles to raise its head to the upside, and this could signal a huge drop ahead, far below the 2018 valley at 88.25. The price could reach the bottom of the red downtrend around 84. The bullish trigger sits on the top of a larger consolidation established earlier at 93.44. <\/p>\n

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Do you think the dollar will resume its collapse after consolidation?<\/strong><\/p>