After trending higher over the past ten days, the US Dollar Basket is beginning to show signs of profit taking, as well as a sustained reversal of the intraday uptrend. While the daily time frame shows that the bounce has transitioned the overall downtrend to a more neutral market cycle, the resumption of bearish sentiment is close to confirming this. The intraday market sentiment could shift in the US Dollar Basket and can break 8240.

After trading lower through the uptrend line support at 8280 (E), the 30-minute US Dollar Basket sold-off from the Rising Wedge pattern reversal. This move has positioned the intraday time frame just above support between 8232 and 8166 (F) which is also the current Forecast target from the Autochartist Reversal of the Trend (ART) short sell entry.

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