On the weekly chart, notice the dollar is clearly in a double top pattern and has now fallen from the second top. The MACD and RSI have followed, confirming the trend. Prices have fallen through the 10 and 20 week SMA which will pull those numbers lower. Although the long-term trend is still up (as evidenced by the increasing 50 week SMA) the fact that prices are now between a group of SMAs indicates the markets will probably be taking a breather right now.
The daily chart shows the sell-off in more detail. Prices have clearly broken the upward sloping trend line that started in mid/late December of last year. The MACD and RSI have also dropped, confirming the trend. The 10 and 20 day SMA are both moving lower, and the 10 day SMA has now moved through the 50 day SMA -- a bearish development.
