Image Source: Pixabay
The U.S. Dollar has been pretty darn weak for the past several weeks.
Since December, it’s fallen from around 109 to 100.
Is this short-term freefall almost over? Or just beginning? Depends on what King Dollar does next.
Below is a “weekly” chart of the U.S. Dollar. As you can see, the greenback has struggled recently. However, it is currently trading into important support for a third time with an oversold RSI.
Gold has enjoyed the tailwind of the King Dollar’s weakness. Many assets react to critical pivots, reversals, and breakdowns in this all-important currency.
Will King Dollar rally off support like the past two times… or will momentum carry the greenback lower? In my humble opinion, this is a really important test.
(Click on image to enlarge)
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