Dollar may form double top vs Kazakh tenge

Technical analysis suggests the dollar is on the brink of turning lower against the Kazakh tenge; having pulled back last week from resistance on its 200-day average (now at 147.66), USD/KZT is testing support at 147.20 (the late July low and the 38.2 percent retracement of the rise from the May low).

Any clean break (at least one daily close) below that support would trigger a double top formed by the July and August peaks and pointing down to the 146.60 area.

Bearish oscillators, with 14-day momentum trending down and at a nine-week low, indicate there is a good chance of 147.20 support breaking.