USDOLLAR End of a Correction?
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).”
-A 2nd large outside day reversal this month indicates overhead resistance but the index found support today at an important lower parallel. RSI has also corrected to a level consistent with bull market resumption. Look higher as long as the parallel holds (daily closing basis).