here’s the near perfect pattern that began this monster advance in the dollar:
additionally here is a very long term chart of the USD Index:
I put my own levels on it below …
some things to note:
- even in the midst of this monster rally – we still haven’t hit a .382 retracement from the all time high
- the low was – almost exactly a .786 price projection
- note the RSI – we blew thru the old resistance and note how the “log” trendline that acted as resistance was most recently support.
- also, note the trend line connecting the highs on the RSI … believe we should/will find support in/around here and the Dollar should start a new move.
here’s where I think we are …
this one is tough … we have the ECB last week and now the FED upcoming. Believe we will see the move occur next week. It’s almost a year since the high was made in 15.