Has The U.S. Dollar Bottomed?
I'm keeping an eye on the U.S. Dollar because I see some interesting technical signals coming into play. Notice in the above chart that there is a MACD bullish divergence that took place last week when the dollar made new lows. There is also a very important trendline that this currency is now about to test. I think if we see 2 or 3 closes above the trendline that would confirm that a bottom has been established and that the dollar should stage some kind of a rally.
As of now I have no position in this currency but as always I like to share with my readers what I am seeing and thinking BEFORE the move happens rather than after the fact.
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3 comments:
Thanks for the post. Really like your blog.
I think US dollar has not bottomed yet, but it is in the process of making it. The process may take a few weeks or a couple of months.
Also US Dollar seems to have a reverse relationship with US stock market.
How would you best see to play this possible bounce in the u.s.$, if you were looking to hedge some long material/ energy stocks
Thanks
Mike
You can look into UUP which is the ETF for the dollar.
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