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October 06, 2017, 04:58:42 AM
Good shot term call on DXY in reply 44 as it is approaching 94 this morning. It could swing wildly with the jobs report @ 0830 and the influence the hurricane damage may have on the numbers in addition to the normal. Looking at the chart below shows a lot of long term damage done with a steeply down sloping 200 day MA and the 50 day MA below it only levelling. However, MACD histogram (not shown due to TV limits) is very positive and the value is chasing the upper BB curve, characteristics that would be encouraging if evaluating a stock to buy. I do not think the dollar can be diagnosed back into bull market until we see the positive golden cross, requiring about 5 units of closure which a while own the road.
October 16, 2017, 05:10:28 PM
DXY may be signaling an unexpected by me, short to midterm deviation from the major swoon taken since the first of the year. Over the last couple months, an inverse head and shoulders pattern has been painted. If the value gets above the horizontal resistance line, it could be in for a solid move up possibly to the potential target zone identified by the last significant trading range. A personal caution, I do not hold a lot of confidence in HnS trading patterns, but it is there. BB's are positive as well with the midpoint trending up.
Countering the potential move up is MACD suggesting upward momentum is petering out but not totally dissipated. Fundamentally, a strong dollar is just what we need to bolster the wealth of the middle class and all individuals storing their wealth in dollar denominated assets, but that is not how the elite see the picture. They want liquidity even if they have to print it. The new dollars have no wealth other than what is stolen from existing dollar holders. The elite want inflation. For some perverted reason they think it is better for consumers to buy at higher rather than lower prices, but consumers are fighting that looking for sales, using coupons, and ordering from Amazon. Consumers must be crazy wanting the most for their dollar; NOT! Bottom line, counter a potential move up is the interests of the country's elite. They will likely get their way, and that is PM positive.
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