The U.S. Dollar Index looks poised to end the relentless selling investors have seen over the past several months.
And based on the chart below, the Dollar could be setting up for a nice rally over the coming weeks.
So what would make the buck so bullish?
King Dollar Attempting A Breakout
In the chart below, we can see that the U.S. Dollar Index developed a bullish falling wedge pattern (point 1) over the last several months. The Dollar decline saw it test a cluster of support before rallying.
It is currently attempting to break out of that pattern (point 2). And there’s some room to run if it wants to. Â Needless to say, it’s a situation that should be monitored by traders and asset managers alike.
U.S. Dollar Index Long-Term Chart
Note that KimbleCharting is offering a 30 day Free trial to See It Market readers. Just send me an email to services@kimblechartingsolutions.com for details to get set up.
Twitter:Â Â @KimbleCharting
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
