USDOLLAR into November and December Ceiling; No Idea What’s Next
Chart Prepared by Jamie Saettele, CMT
-“On 1/28, I published a video warning of a bear trap in USDOLLAR. In other words, those that were turning bearish on short term weakness were at risk of getting run over BEFORE the real top was in place. The USDOLLAR rallied to new trend highs the next day and then wiped out December’s rally, testing the 200 day average in the process.” Fast forward and the index has erased most of the decline since 2/3 with a good deal of the rally taking place on 2/26 (was that month end like 1/29…did computers forget that it was a leap year?). Trade since November could form a head and shoulders top or simply consolidation before the next leg higher in the multi-year bull move. Conviction on direction at the current level is nil.