I get so carried away with indicators and ratios that sometimes I forget to just take a look at the simple stuff. Well, here is some simple stuff.
The US Dollar index (daily) is in an unpleasant pattern, testing short-term support and the SMA 200. We (NFTRH) have kept that lower low to the June 2019 low on radar ever since it was made because it was (is) notable in that it represented a breakdown by Uncle Buck before the COVID-19 liquidity crisis rammed the currency back above trend. Ah, the markets. You gotta love ’em.
So anyway, USD is still trending up (SMAs 50 & 200) but it has a negative marker (that lower low) in play, an unpleasant chart pattern, bear-biased RSI and MACD and to put the cherry on top it’s got a Trump henpecked, Treasury backed Federal Reserve chairman trying as he will to devalue if not destroy the currency. Thus far it has resisted, bending but not breaking.
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