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US Dollar Index
For all of the U.S Dollar bears, it looks like a breakdown from a Symmetrical Triangle. A breakdown below today's low of $74.125 could lead to a sell-off to maybe test May's lows or potentially break them.
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Replies to This Discussion
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Top MemberPermalink Reply by Danny on -
Interesting post Matt thanks. Do you think this will drive gold and silver higher ? I'm also wondering how the debt ceiling crisis will effect gold and silver as well. I mean if it's raised this is even worse for the dollar. However if there is a so called "deal" if this will help out the index and hurt gold and silver.
I've traded silver successfully and want to get back in however I'm a little worried about a knee jerk reaction to a resolution in the debt crisis.
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Top MemberPermalink Reply by Terry H on -
There is an alternate interpretation by Elliott Wave International if the $DXY holds 74.11, which so far it has; that is a wave 2 pullback from the low of 72.72 on 5/2/11. The EURUSD has also stopped at the triangle's upper trendline as of 10:40pm ET July 21. It's a news-driven trade, so I guess we'll have to see what Friday's news brings.
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Top MemberPermalink Reply by Terry H on -
This is the EWI chart interpretation:
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