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King Dollar testing triple support with few bulls!

Courtesy of Chris Kimble

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King Dollar over the past 30-weeks has experienced a sizable decline, that hasn’t a ton of times over the past 25-years, see below-

US Dollar Weekly Kimble Charting Solutons

CLICK ON CHART TO ENLARGE

The large decline in King Dollar has taken it down to what could be an important price point and it has impacted sentiment a good deal as well.

US Dollar Weekly Kimble Charting Solutons

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

The decline over the past 30-weeks, has King Dollar testing triple support at (2), as momentum has become oversold and it’s hard to find US$ bulls (29% Bulls).

The Power of the Pattern is of the opinion 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.

From Kimble Charting Solutions.  We strive to produce concise, timely and actionable chart pattern analysis to save people time, improve your decision-making and results

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Website: KIMBLECHARTINGSOLUTIONS.COM


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