Loading ...USD Cycle Forks
I have started tracking the USD’s Intermediate Cycle (IC) as I have found it to be useful if you are trying to play the swings across the CRB complex.
This chart shows 3 separate Forks against the USD’s price action over the past 7 months.
The 1st Blue Fork shows the downtrend channel out of the High from mid-March. This fork channeled price into the USD’s IC Low. Note the bullish move out of the IC Low once the Fork is breached.
The 2nd Green Fork shows the move into the new IC’s High in early August. Note the initial breakdown in late July followed by 7-8 days of backtesting before the drop into a Lower Low in late August.
The 3rd Blue Fork shows the downtrend channel out of the IC High. Note the breakout from this smaller fork followed by 4 days of backtesting. The USD now appears to be ready to move higher. Just not sure how much higher unless the US Congress passes the debt ceiling on Oct 1st.
golds strengh today might indicate some are already thinking of the debt cieling…. you have a good point on the debt cieling as a possible issue for the dollar… thanks for your charts.. going to be interesting next few weeks. .