King Dollar and crude oil have had little correlation over the past year, trading in pretty much opposite directions.
Over the past 9 months, the USD has had a historical rally while the opposite is true of crude.
Recently crude hit its 23% Fibonacci resistance line, based on last summers weekly closing high and low on 3/13/15.
Crude oil is currently attempting to break short-term, steep rising support while King Dollar is trying to break short-term, steep falling resistance.
Also, crude just experienced its 7th largest 2-month rally in its history, as the chart below shows.
Bottom Line: Is it time for crude oil to cool off?