Testing Support, USD Bulls Are Hard To Find
Chris Kimble | Aug 03, 2017 10:29AM ET
King Dollar has, over the past 30 weeks, experienced the kind of big decline that we have rarely seen over the past 25 years.
USD's large decline has taken it down to what could be an important price point that has impacted sentiment a good deal.
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.
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