Uncle Buck Still on Trend

As the US dollar pulls back, it is interesting that gold is flat and Treasury bonds are also pulling back. These are the forces of risk ‘off’ liquidity. Risk is ‘on’ in the short-term and safe havens need not apply.

But Uncle Buck is merely testing the 200 day moving average.

usd

A longer-term view shows a completely normal uptrend.

usd

Personally, I am ready for a real USD weakening in the coming months into 2020, but am not at all sure that weakening is in process yet. On the last pullback we noted in NFTRH that USD would not be broken unless it took out the March low, which Uncle Buck held by the hair of his chinny chin chin. Now the June low is the key. No lower low, no broken buck. Not yet.

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