Dollar's Vengeance 8/20/2020
Dollar at the daily view.
According to Bloomberg, the dollar has the highest short interest in all of its known history. Much like the NQ, what happens when shorts are overcrowded? You get a violent snapback to the other direction.
The overall trajectory is still a downward channel for the DXY. That bias may change if the dollar somehow breaks the channel's resistance and reclaims its 11-year-old uptrend channel (green dashed line). That's a fat chance at this point due to accelerated inflation.
So far the DXY is starting to form a possible inverse head and shoulders pattern. IHS patterns are not bullish until the neckline breaks. If this pattern does play out, then gold and silver may provide a great entry point long-term.
According to Bloomberg, the dollar has the highest short interest in all of its known history. Much like the NQ, what happens when shorts are overcrowded? You get a violent snapback to the other direction.
The overall trajectory is still a downward channel for the DXY. That bias may change if the dollar somehow breaks the channel's resistance and reclaims its 11-year-old uptrend channel (green dashed line). That's a fat chance at this point due to accelerated inflation.
So far the DXY is starting to form a possible inverse head and shoulders pattern. IHS patterns are not bullish until the neckline breaks. If this pattern does play out, then gold and silver may provide a great entry point long-term.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.