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Stocks and Commodities are moving a good deal higher today…wanted to check the action of the Dollar today, which may have had a good deal to do with a hard down week last week.
Dollar continues to find its 38% Fib level important. It broke above this resistance level last week and this morning declined to test the breakout, as support at (2). On a single day, the $ created a rather bullish wick as it tested dual support!
The Dollar is now getting wedged between overhead resistance and rising support. Considering the upside action in stocks/commodities today one has to be impressed the Dollar held up as well as it has!
Looks like this morning’s liquidity news resolved this chart to the downside. Sharp move down to 78.3 on the DXY
UUP seems to have developed a year old Inverse Head & Shoulder and Price at Neckline Resistance…break or reverse
FXE seems to have developed a year old Head & Shoulders and Price is at Neckline Support…break or reverse
The double top in Dec formed a perfect head and shoulders top.
Looks like a head & shoulders bottem Sept to Nov. Waiting for the right shoulder to form on the downside.
Aaron…around $22.70 is the Fib 38% level, which UUP did not make it up to on the first run a few months ago.
Hi Chris,
What is the 38% Fib level for UUP?
Aaron
i see by your chart that the dollar started the day off lower, but as the day moved on the dollar broke above resistance –but stocks and commodities held up ..do you see the dollar declining like it did the last time it broke through resistance and stocks ect breaking down