US Dollar: Upcoming Move Set to Indicate Next Direction for Commodities, Equities
Chris Kimble | Nov 03, 2023 07:55
The US Dollar rally has taken a breather, with the King of the currency world trading sideways for the past several weeks.
But there is a reason for this pause, as you can see in today’s “weekly” chart of the US Dollar Index.
King Dollar ran into its 50% Fibonacci retracement level… and stopped on a dime. And the past 6 weeks have been spent trading in a sideways channel.
To Breakout or Breakdown that is the question.
The resolution of this pattern should send an important signal to numerous asset classes in regards to its next intermediate move.
The next big move in Commodities and Equities will be highly influenced by what King dollar does here.
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