The weekly chart is interesting. While prices have been dropping, there are three elements to this chart possibly pointing to a rebound. First, the MACD is approaching a buy signal. Secondly, the RSI is at low levels (although it could still move lower). Finally, prices aren't moving lower in a solid line. Instead, they're moving lower in price groups, forming triangle consolidation patterns on the way down. However, arguing against this theory are the EMAs which are in a very bearish configuration -- all are moving lower, the shorter EMAs are below the longer EMAs and prices are below all the EMAs.
There is a huge divergence between the MACD and prices. Prices have been moving lower since June, but the MACD has been increasing. This type of technical divergence is something that traders look for in a reversal. In addition, note that prices are currently in a triangle formation with a rising base. This tells us that the low price where traders find value in the dollar is increasing. In addition, prices and the EMAs are in a very tight pattern indicating an overall lack of direction.
In short, there are many signs that the market wants to move higher. Will it is another story entirely.
