The U.S. Dollar has been pretty darn weak for the past several weeks.
Since December, it’s fallen from around 109 to 100.
Is this short-term freefall almost over? Or just beginning? Depends on what King Dollar does next.
Below is a “weekly” chart of the U.S. Dollar. And, as you can see, the greenback has struggled of late. BUT, it is currently trading into important support for a 3rd time with an oversold RSI.
Gold has enjoyed the tailwind of King Dollar’s weakness. And many assets react to important pivots, reversals, and breakdown in this all-important currency.
Will King Dollar rally off support like the past two times… or will momentum carry the greenback lower? In my humble opinion, this is a really important test. Stay tuned!
U.S. Dollar Index “weekly” Chart
Twitter: @KimbleCharting
The author may have a position in mentioned securities. 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.
