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The U.S. Gangs up on its Own Currency Or Does it?
Snippet form January 25, 2018 Chartworks
The US Dollar Index had an opportunity to generate a double bottom as it tested the September lows early in January. However, the bounce could not take out even the nearest of overhead resistance at 92.50 or approach the 93.50 level that was needed to show signs of strength and a Change of Character. The break to new lows was coupled with a blunt US Treasury Secretary’s advocacy of a weak dollar, but then a reversal on Trump’s comments on Thursday.
While the daily chart is getting back into an oversold position, there is now a massive overhead pattern dating back over the last three years. For now, it would take an almost immediate rally back through 91.50 to reverse the downtrend.
GOLD: It is time to raise the stops.
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Snippet form January 25, 2018 Chartworks
The US Dollar Index had an opportunity to generate a double bottom as it tested the September lows early in January. However, the bounce could not take out even the nearest of overhead resistance at 92.50 or approach the 93.50 level that was needed to show signs of strength and a Change of Character. The break to new lows was coupled with a blunt US Treasury Secretary’s advocacy of a weak dollar, but then a reversal on Trump’s comments on Thursday.
While the daily chart is getting back into an oversold position, there is now a massive overhead pattern dating back over the last three years. For now, it would take an almost immediate rally back through 91.50 to reverse the downtrend.
GOLD: It is time to raise the stops.
Request Chartworks
Request Institutional Advisors
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