spinning top pic

Below looks at two long-term charts of the US Dollar. Could King Dollar be creating a topping pattern?

We shared in March of last year the chart below. This chart highlighted that in the past, when the US Dollar has been very strong (up 12% or more in 12 months), it often cooled off at the least. Many times it was closer to a high than a low. See original post HERE

usdollarreversalpatternfutureresultsapr24

CLICK ON CHART TO ENLARGE

18-Months ago we shared that after the US Dollar has rallied strongly in the prior twelve months, it usually backed off. At the time of the post last year, King Dollar was screaming higher, trading near the 100 level. 18-months later, what has King Dollar done? Not much of anything! 

Below looks at an update on the US Dollar, on a monthly basis-

us dollar head and shoulders topping pattern  aug 16

CLICK ON CHART TO ENLARGE

As mentioned in the chart above, the US$ could be creating a head & shoulders topping pattern. Let me be clear, this pattern right now has not been proven. Potential is there, jury is still out for sure.

To tell if the pattern read is correct, the US$ needs to break below the neckline at (2). If it would, several commodities could do well. 

Keep a close eye on this pattern friends, as it has taken a little over a year to form. 

 

 

 

 

 

We Keep You Informed & Confident with Big Picture Chart Patterns & Alerts on Major Market Turning Points

and identify assets that have reached extreme support and resistance levels
and monitor hundreds of assets for breakouts & reversals for you
and identify high probability entry and exists points for you
all from one of America’s Top Chart technicians