Most crowded buy can often turn to most crowded sell. Such imbalances can be hard to handle but I think that dollar will extend the rally
I believe the situation at hand is you have the herd conditioned to buy Usd on pullbacks. They will pounce on any weakness in the majors and try to sell it. The momentum has shifted, only question is how long it lasts.
I mean the momentum has shifted away from the Usd. I dont include Usdjpy, as I dont see the correlation. In the past few months the momentum has shifted only briefly, then come back to Usd strength. So you have a setup here to trap Usd bulls. Us economy is weakening for sure, so it appears market has shifted to looking for Fed to begin loosening. Hard to believe that such a relatively small absolute rise in rates would slow things, but that appears to have happened. Of course there are other things going on, China tariffs and the inevitable business cycle. Demand doesn't rise forever.