The American dollar had an incredible run for nearly a year before it began to falter a month or so ago. Now one technical strategist sees the recent slide as just the beginning of the dollar's decline.
The U.S. dollar index tested a 12-year high in March when it peaked at 100.39. That capped off a year-long 26 percent rally in the greenback.
But in the last month and a half, the buck has tanked 4 percent versus a basket of other major currencies. And Richard Ross, head of technical analysis at Evercord ISI, says the technicals are showing grim prospects for the dollar.
"The single biggest consensus trade—that long dollar trade of the first quarter—is poised to unwind further, and lower levels are ahead for the dollar index," he warns.