The dollar lost the 50 day MA and also closed below the lower daily cycle band on Tuesday. The close below the lower daily cycle band indicates an end to the daily uptrend and also signals that the dollar has begun its intermediate cycle decline. A failed daily cycle will confirm that the dollar has entered its intermediate cycle decline. A break below 99.25 will form a failed daily cycle.
Tuesday was day 25 for the dollar’s daily cycle placing it in its timing band to print a daily cycle low. A swing low and break of the declining trend line will then confirm the new daily cycle.
The dollar will need to break below the weekly trend line in order to complete its intermediate decline. Since the dollar is in its timing band to print a daily cycle low it is quite possible for that the dollar will need one more failed daily cycle to complete its intermediate cycle decline.