Re: US Dollar Index Alert - Important support could fail soon.
The USD got an executioner's reprieve this morning from better than expected durable goods orders and higher than expected GDP. Gold got bopped as the USDX rose but has rallied off its lows of the day. The USDX made, yet again another lower high and now is retreating. My guess if the Fed's interest rate raise is expected at 0.25% on Wednesday, the USDX will push through support. There is one qualifier here, if everyone and their dog is expecting the USD to fall, there could be a (short lived) counter rally. It really depends on how over positioned Forex traders are on the short side.
