Of note….I started producing this chart at the opening….the day is LONG FROM OVER, yet this action in the Dollar this morning and especially the action of last week looks to be suggesting that opportunities are close at hand!
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The U.S. Dollar continues to create bearish wicks at the top of channel resistance. Now, early this morning the Dollar is breaking below rising support.
A continued breakdown in the Dollar will have positive ripple effects on the risk side of the portfolio.
The quiz below was sent to Premium Members over the weekend, not posted on the blog.
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I will give you the answer right now…It is the U.S. Dollar weekly, inverted!
This pattern reflected one of the largest bullish wicks in the Dollar in years! Problem is, this chart is upside down, which reflects that the Dollar created one of the most bearish wicks in years…which suggests Dollar weakness and a positive situation for risk assets.
One weeks action does not make a trend, yet this pattern weeks from now could be “the event” that could break the markets from the boring action over the past few months.
