The GBPUSD, AUDUSD, and NZDUSD lead the charge

The USD is off to a weak start in the Asia-Pacific session. The fall is being led by the GBPUSD, AUDUSD and NZDUSD which are all trading higher and near highs for the day. The EURUSD is being dragged higher. The USDCAD, USDCHF and USDCAD are lower but not running like the rest.

Looking at the DXY (dollar index), it reached a new year high yesterday, taking out the high from August in the process at 96.84. That should have been bullish.

However, with the dollar moving lower today, the price of the DXY has moved back below that level - trading at 96.86 now. Failed break?

If the price stays below that old high, more sellers should enter (sell high) on the failed break.

Risk can be defined at 97.00.