USDOLLAR Pulls Back after Taking out 2009 High
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-The USDOLLAR pushed through the 2009 high before pulling back. Weekly RSI has been above 70 for 21 consecutive weeks (since 1971on the ICE USD, the next closest reading was 15…that happened twice before sharp declines). This is the 7th consecutive monthly advance (we’ve never seen more than 6 until now). Bottom line, it takes weakness below 11584 to suggest that the market is not going higher.
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