Last week I shared that the Dollar had created a bullish falling wedge at Fibonacci support and looked to be breaking out from this bullish pattern (see post here). The chart below was created around 6 a.m. central this morning, so the day is long from over.
Did anyone notice the Dollar didn’t fall much yesterday?
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Keep an eye on the Dollar today to see if it can get past short-term resistance at (2). Should the Dollar reach the 76.50 level, I suspect yesterdays rally won’t look that impressive in the big picture.
Denis…Thanks for the kind comments. I remain of the belief, focus and get the currencies correct and portfolio construction gets easier.
Good going Chris… I like the dollar up…it’s good for shorting.