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Is U.S. Dollar Forming a Monster Topping Pattern?

Published 02/16/2023, 10:29 AM
Updated 07/09/2023, 06:31 AM

While the US Dollar Index remains above 100, it is possible that King Dollar may have put in a top.

And not just any old top…but a monster top.

Of course, we are having some fun here, but King Dollar’s reversal late last year has seen follow-through selling to the tune of a 10% decline (see monthly chart below).U.S. Dollar Index Monthly Chart

This month the US Dollar is attempting a counter-trend rally, bouncing off dual support at (1), including its 23.6 Fibonacci and lateral support.

If this monster top holds true, we could see a counter-trend rally back to 106 at point (2) before heading much lower. This could get interesting…stay tuned!

Latest comments

92 by June
DXY going to 120.
why? fundementally and technically it has no reason to do that
could nicly colerate with stock correction starting now..
How are you doing
It will be more mostrous till inflation dirs and feds first rate cut
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