The US dollar index has dropped to a key level
USD has dropped amid much inflammatory news this week. It has done so off a minor, but bearish pattern. Today USD is stabbing the 62% Fibonacci retracement of the previous rally. To boot, it’s forming a hammer candle.
Bottom line is that if Uncle Buck is going to arrest this correction or at least put on a bounce, this is probably the place to do it. Therefore, any positions you feel may be influenced by USD (pretty much a world full of ’em) should be considered in this light.
What is going on now with the Trump sledgehammer may well prove USD bearish ultimately, but I think the situation may be overdone to the downside for now.
As a side note, the Gold/Silver ratio – which under certain circumstances (market liquidity problems) would rally with USD – is also down over the last few days, but clings to its intermediate uptrend at its 50 day average.
Gary, what happened to the charts and indicators section? Dyrl
I tried to add the chart you requested and messed up the html and being in post-op recovery did not get back to it. The page ended up getting blown up and I don’t have the time or inclination yet to build a new one. I’ll get to it, assuming I can surmount the issue I experienced between TradingView and WordPress. Otherwise, it’s gone for the time being.