In my humble opinion, I feel the currencies are worthy of watching closely, due to the impact they have on so many different asset classes. Below is an update of the U.S. Dollar around 10:30 a.m. Central time.
Dollar is attempting to break from a “bullish falling wedge” pattern at (1) in the chart above. So far the break looks good! Please be aware though….”that one day a new trend DOES NOT make!”
If this trend is correct, Commodities could come under sizeable pressure! I harvested some positions this morning, yet want more proof, before attempting to score on defense in the Commodity complex. If the read is correct, SMN will be of interest to own. If a Dollar rally really is underway, more upside will come, since the Dollar has declined over 15% of late.