The chart below, first published on 7/31, reflected two reasons the U.S. Dollar should fall in price….The Dollar had formed a bearish rising wedge and bullish sentiment was hitting the 82% level. (see 2 reasons for a Dollar decline)
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The chart above reflected that the Dollar was overdone to the upside and it needed to decline. It needed to move closer to rising support and work off the excess bullish sentiment!
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Since the first chart was published, the US$ has declined almost 5% in value.
The above chart reflects that sentiment has decreased from 82% Bulls to 40% at this time, as the Dollar is nearing a rising support line. If an ideal situation for the Dollar was to take place, it would look like this… lower bullish sentiment as the US$ hits the bottom of its rising channel, about 2% below current prices.
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