As promised here is the USD Index update. Last weeks push below 83.823 bodes well for further declines in the index, however a sustained fall below this level is required. Support is seen around the 38.2% retrace, as shown above, near 81.67. If trendline support around these levels fail then a return to near 77.49 is favoured. Strength in equity markets goes hand in hand with a sustained fall in the USD Index, so attention needs to be paid there too.
Looking at individual currencies versus the USD, we can see some decent signs of reversal patterns, namely USDSEK exhibits a possible double top (above left), and USDNOK a triple top (above right). Continuation is now required. Returns to 5.8500 and 6.8500 in USDNOK, and USDSEK respectively are possible. The USDSEK double top requires confirmation with a fall under 7.8057.
Apologies for the placing of the images, I played around for long enough and just cannot get the layout I want. I guess seperate posts would have been better. Enjoy!
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