Last Friday morning, the “Power of the Pattern” was reflecting an early attempt by the U.S. Dollar to break falling resistance in the chart below (see post here) and the suggestion was…if short the Dollar, harvest gains.
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The chart below reflects early morning action in the U.S. $, as it attempts to push a little further above falling resistance.
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U.S. Dollar action is important for sure, don’t overlook the action of the AUD$ as well, as the 500 index has a decent correlation to the AUD$ and both are testing key resistance. Over the past year plus when the AUD$ couldn’t push past key resistance, neither could the 500 Index! (see post here)
