The US Dollar actually looks extremely attractive from the long side. Not at this exact moment….but after a pullback….and only if the pullback is orderly. Those two things have to occur before I’ll consider investing in this vehicle, however there are a lot of good things going on with this chart that suggests the dollar could rally. It almost seems strange to consider this because the dollar has been so beaten up for so long.
This scenario seems extremely plausible because weakness in the dollar could trigger a relief rally in the general markets. This could be short lived and if the dollar firms up it could cause the markets to plunge to new yearly lows. It almost fits together to well…
- Higher high
- Excellent MACD and RSI action
- Rallied right up to resistance
- The only factor to consider is the pullback
