USD may be in a bear flag

With the caveat that the longer-term charts show an ongoing bull market and plenty of clear support already tested, the USD daily chart shows the potential bear flag situation, which we originally noted as something that could follow the oversold test of support on March 8th.

Here is the bear flag either preparing to fail as a bear flag would or deny its status as a bear flag and keep on rising. As yet, it’s a bear flag doing what it should do, which is rise short-term to test the breakdown below previous support at the converging SMA 50 and SMA 200.