What goes up must come down and that's exactly what one technician said is about to happen with the U.S. dollar index.
On CNBC's "Trading Nation" Wednesday, TradingAnalysis.com founder Todd Gordon said that recent comments from the Federal Reserve could send the greenback plummeting to levels not seen since November 2014.
"The Fed has become more dovish than expected and we're seeing the dollar sell-off," said Gordon. "I think the downtrend will sustain for a long period of time." The currency hit a five-month low Wednesday, one day after a news conference where Fed Chair Janet Yellen outlined the path of gradual interest rate hikes.
The selling pressure comes after a torrid run for the index, which rallied nearly 30 percent from May 2014 to March 2015. "We can see the dollar was in a beautiful uptrend from 2014 through the beginning of 2015, but since March we've gone sideways," said the CNBC contributor. For the last 12 months the dollar index has traded in a tight range, eking out a less than 1 percent gain. It's also tracking for its biggest quarterly fall in five years.