Dollar Explosive Move Points To This Target, Euro To Strengthen, Yen May Be In Trouble
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Chief Market Strategist Gareth Soloway analyzes the forex/currency markets. He looks at the Dollar (DXY) and notes how it recently tagged major support going back to the financial crisis, before this latest rally. Then he discusses the inverse head and shoulder pattern and how its upside target is a major resistance going back years. The outcome? Likely an eventual breakdown on the USD below the financial crisis trendline. The Dollar/Yen shows a different story, a potential breakout. Following the recent elections in Japan, the Yen chart signals a potential weakening against the Dollar. On the other hand, the Euro has already broken out against the Dollar and will likely continue to rally far out into future.
Video Length: 00:11:49
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