Forex: Has the dollar topped? It’s certainly something to consider, with the US dollar index (DXY) falling to a two-week low after finding resistance at its 50-week eMA. Falling -0.91% it was its worst week this year and now sits at a two-week low. The dollar’s decline has prevented AUD/USD from falling in line with its head and shoulders top pattern. Whilst it technically remains in play whilst prices remain below the neckline / 0.7677, we would usually expect any decline following a H&S breakout to occur quite quickly, so the bearish reversal pattern is now in doubt.