Here is the deal with the USD...
UP... within the next three weeks.
First, it has completed the Cup & Handle pattern, a very reliable pattern. Now on the breakout and the projection is mapped (dotted aroow line).
Second, technical indicators of the MACD are bullish, and continue to support an uptrend. There is no bearish divergence observed.
Third, the other set of technical indicators for money flow, and volume are also supporting the continued upside, with no indication of bearish divergence.
Finally, the weekly TD Sequential Sell Setup just completed (green box with black background), with a small kink... that the 8th and 9th candle highs are not higher than the 7th candle high. According to TD Sequential rules, we can expect that at some point in the next three candles (or so), the 7th candle high would be taken out and exceeded in an attempt to Perfect the TD Sequential Sell Setup.
So... expect the USD to end up in the range around the white ellipse.
Perhaps then we might see some real signs of the USD abating its bull run?
Note that with a massive bull run on the USD, markets are being affected badly, and money flow is unusually into the USD (exiting most other markets). Furthermore, the longer this stretches, the worse the unwinding becomes with commodities when the USD retraces. It is like an overstretched rubber band, and its dicey before we know who would release it first... the tension followed by the release of that tension. Oof...
First, it has completed the Cup & Handle pattern, a very reliable pattern. Now on the breakout and the projection is mapped (dotted aroow line).
Second, technical indicators of the MACD are bullish, and continue to support an uptrend. There is no bearish divergence observed.
Third, the other set of technical indicators for money flow, and volume are also supporting the continued upside, with no indication of bearish divergence.
Finally, the weekly TD Sequential Sell Setup just completed (green box with black background), with a small kink... that the 8th and 9th candle highs are not higher than the 7th candle high. According to TD Sequential rules, we can expect that at some point in the next three candles (or so), the 7th candle high would be taken out and exceeded in an attempt to Perfect the TD Sequential Sell Setup.
So... expect the USD to end up in the range around the white ellipse.
Perhaps then we might see some real signs of the USD abating its bull run?
Note that with a massive bull run on the USD, markets are being affected badly, and money flow is unusually into the USD (exiting most other markets). Furthermore, the longer this stretches, the worse the unwinding becomes with commodities when the USD retraces. It is like an overstretched rubber band, and its dicey before we know who would release it first... the tension followed by the release of that tension. Oof...
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