Economics
Is the US Dollar About To Fall Another 10 Percent?
If you haven’t already learned, the financial markets can change on a dime. Trends and themes are good until they are not. This is why we use technical…
If you haven’t already learned, the financial markets can change on a dime. Trends and themes are good until they are not.
This is why we use technical analysis to alert us when price is reversing or at risk of reversing.
Today we turn out attention to the US Dollar index. As many of you are aware, King Dollar has been very strong for much of the past two years. BUT, as we mentioned above, things can turn quickly in the financial markets if you aren’t tuned in. AND, as we have seen over the past two months, the U.S. Dollar has slid 10 percent.
We can see this on today’s long-term “monthly” chart of the greenback. And this turn lower comes after reaching elevated momentum levels.
More important, though, is that King Dollar is testing a very important support level at (1). This support acted as stiff resistance (see red arrows) while the Dollar traded in a sideways channel for years.
So for the first time in history King Dollar is testing the top of this trading range as support.
With momentum still this high, a move below support at (1) could see another 10 percent drop. If it happens, it would be hard on the Dollar but GREAT for precious metals! Stay tuned!
U.S. Dollar Index “monthly” Chart
Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to [email protected] for details to get set up.
Twitter: @KimbleCharting
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
The post Is the US Dollar About To Fall Another 10 Percent? appeared first on See It Market.
Argentina Is One of the Most Regulated Countries in the World
In the coming days and weeks, we can expect further, far‐reaching reform proposals that will go through the Argentine congress.
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
A weird week of macro data – strong jobless claims but…
Fed Pivot: A Blend of Confidence and Folly
Fed Pivot: Charting a New Course in Economic Strategy Dec 22, 2023 Introduction In the dynamic world of economics, the Federal Reserve, the central bank…
