US dollar index (DXY) losing the SMA 50
Back on January 2 NFTRH 687 noted and we prepared for a US dollar failure of its SMA 50, which would load a potential and key downside target (I’ll keep it to myself, but it is one of those marked on this chart), which would coincide with a bird flipped in the face of the hawkish Fed, and with the eventual upside target for the CRB index that we’ve had targeted for over a year now.
Here was the teaser from #687’s intro page…
Last week USD tested the SMA 50 but then the hawking Fed minutes came out and the machines drove the markets down (USD up) on what everybody already knew to continue a correction that was always in the cards, regardless. Then a weaker ‘Jobs Friday’, and this week a crack through the SMA 50.
What I hope for is confluence of indicators and market signals. While nothing is fool proof, it appears that confluence is at hand as could bring very good profits. One-way inflationists and commodity super cyclers rejoice! But then one day the preconceived notions of the true believers are going to get hammered at the next macro turn. But that’s for later in the year, when the usual suspects are all puffed up and on full tout. First, let’s get Uncle Buck into a real breakdown (first support is 94.60).
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