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Where Will the US Dollar Go Now?


Looking at technical analysis of the US dollar can provide clues.

Zooming back out (note we're now moving to a weekly timeframe), this two-Crab thesis is well supported by a larger Harmonic Bat construction.

Click to enlarge

I'm the first to admit that's a weird title. In any case, the Bat calls here for a move to the 88.6% retracement of X (in purple), creating reliable context and aligning well with the general 87-88 resistance/reversal window set out with the larger Crab above.

It's beginning to seem like a lot is coming together here at 87-88, eh? Let's now move even further out.

Click to enlarge

As it turns out, 87-88 is in confluence with the descending trend line of the US dollar's multi-year symmetrical triangle (converging gray lines). That is a truly impressive pattern that really presses home the benefit of looking left and across multiple timeframes.

As the accompanying chart notes explain in further detail, the USD is presently midway through an intratriangle upswing. This triangle trendline overhead acts both as a magnet and massive resistance, suggesting (along with completion of the larger Crab and Bat patterns at D) the greenback's climb to it – a shred of hope, then – may be the prevailing theme for the USD during 2013's first half.

This article by Andrew Kassen was originally published on See It Market.
No positions in stocks mentioned.
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