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Commodities Bulls Hope U.S. Dollar Peaks Here

By Chris KimbleCommoditiesApr 06, 2021 05:10PM ET
www.investing.com/analysis/commodities-bulls-hope-us-dollar-peaks-here-200571595
Commodities Bulls Hope U.S. Dollar Peaks Here
By Chris Kimble   |  Apr 06, 2021 05:10PM ET
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U.S. Dollar Monthly Chart.
U.S. Dollar Monthly Chart.

The U.S. dollar has received a fair amount of attention over the past year, as pandemic-spurred government stimulus and assistance programs, and a softer stance from the Federal Reserve have weakened the buck.

And commodity bulls have benefited enjoying a broad rally over the past 12-18 months.

But not all is lost for King Dollar. And commodity bulls need to pay attention.

Looking at today’s long-term “monthly” chart, we can see that the U.S. dollar has been in a long-term rising trend marked by each (1). King Dollar recently bounced off the lower rising trendline and is now testing its short-term falling channel resistance at (2).

What the buck does here is important. Commodity bulls are hoping for a peak and turn lower from here. On the other hand, a breakout would signal a strengthening dollar and an emerging headwind for commodities. 

Commodities Bulls Hope U.S. Dollar Peaks Here
 

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Commodities Bulls Hope U.S. Dollar Peaks Here

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