6.7 C
New York
Friday, March 29, 2024

King Dollar Creating Double Top This Week?

Courtesy of Chris Kimble.

CLICK ON CHART TO ENLARGE

This chart looks at the King Dollar over the past 10-years. It remains in a long-term uptrend, creating a series of higher lows and higher highs inside of rising channel (1). King$ has spent the majority of the past 3-year trading sideways between 90 and 105.

In August King$ created a weekly bearish reversal pattern and sold off a small percentage (3%). The rally over the past 5-weeks has it back at August highs, where it could be creating another bearish reversal pattern this week at the August highs.

Sentiment for the US$ currently stands at 77% bulls, as a good deal of investors are confident it will rally.

Metals bulls would love King$ to be creating a double top this week! Potential important price point in play for the Dollar and metals!!!

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