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Earlier this year, 80% of investors became bullish on King Dollar, taking a position that owning the U.S. Dollar would provide them some form of portfolio protection, hoping it would help them enlarge their asset values. Was a false sense of security taking place?
At the same time many were becoming bullish on the Dollar, the crowd didn’t notice it was hitting a 9-year resistance line that has held it in check time and time again.
Currently the decline in the Dollar has taken it down to a multi-year support line and few seem to be excited about King Dollar as only 25% of investors are attracted to the Dollar!
Joe Friday… Support is at hand in the Dollar right now and few investors are bullish at this time. If this support fails to hold the Dollar up, its next key price, is the 5-year support level, a few percent below current prices!