Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Testing Support, USD Bulls Are Hard To Find

Published 08/03/2017, 10:29 AM
Updated 07/09/2023, 06:31 AM

King Dollar has, over the past 30 weeks, experienced the kind of big decline that we have rarely seen over the past 25 years.

Weekly USD: The Last 30 Weeks

USD's large decline has taken it down to what could be an important price point that has impacted sentiment a good deal.

Weekly USD Since 1994

The dollar hit triple resistance at (1) as momentum became overbought and investors become confident that it was going to head higher (80% Bulls).

The decline over the past 30 weeks has USD testing triple support at (2), as momentum has become oversold making it hard to find dollar bulls (29% Bulls).

The Power of the Pattern believes this is a very important support test for King Dollar. What it does at (2), should have a big impact on portfolio construction going forward, especially in the metals and commodities space.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.