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USD Index is coming down since May as expected, after breaking below the trendline support which gives an impression of a completed five wave rise up from 97.70. Notice that the drop is sharp now and in five waves close to 101.00 level; temporary support for wave (A). If we are correct, then this is now wave B rally, moving into resistance.
A recent turn up on SP500, out of a downward channel also suggests that risk-.on can be back, another reason for potential USD sell-off, especially as other CB is now trying to follow the Fed with hawkish policy decisions. RBA just raised rates more than expected which is making Aussie very attractive.
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