Dollar riding the pattern lower…
Courtesy of Chris Kimble
Last week I highlighted the flag/head & shoulders potential pattern in the Dollar ETF (UUP), first chart (see post). As I mentioned in the chart below, a “Break of line (1) would benefit commodities and international investments.”
The dollar did break support, (chart below), commodities/international markets have benefited. Now what? Support line has been broken and now the CRITICAL NECKLINE is breaking to the downside!
A break of the neckline should usher in even lower prices for the Dollar ETF (UUP), continuing to benefit Gold/Silver and other commodities.
One thing that MUST be respected is the 80 level, in the dollar (not shown). 80 has been support many times over the past 20 years. Will post that chart in the next couple of days.
