Updating the USD ‘battle of the trendlines’

I posted last month on what appeared, to me, to be the end of the US dollar uptrend:

• The steep up trend line for the USD appears to have been broken

One of the traps that some folks fall into is that if an uptrend breaks then we must be in a downtrend.

Don’t ask me how I know this trap 😉

In that post a month ago I cautioned against assuming a downtrend, and even pointed out a horizontal support line the dollar was resting on:

• I am suspecting that while the steep uptrend is over, it’ll faf around for a while before establishing its next direction.

Which is what we got.

But now it looks weaker, pic below. BTW, I also pointed out in that linked post above (you really should check it out) that first year of Trump’s Presidency #1 was a downtrend for the USD. Here we go again?

I’m sure ForexLive traders out there will have better ideas on this me, post ’em in the comments please!

This article was written by Eamonn Sheridan at www.forexlive.com.