USD- The Missing Link
The missing link to the commodity puzzle that is. Commodities and their producers look to be breaking down, but the USD is not rising, however its not broken. Today it had a bad day and sliced down through its 150 EMA, that looks bad. But from a longer duration the bull market still is in a bullish configuration. So we wait and watch will the 200 EMA offer it a stock save?
The longer duration view shows it just still consolidating its move. Nothing broken until it violates its support and moves through it with follow through.
Overall the CRB complex has not broken down but what is that little thing falling out of the bearish flag today? Enquiring minds want to know. But what do you think would happen if that S&R line ever gave way after holding back the ocean above it for the past year. Perhaps a deluge?
Both Oil and Copper seem to have jumped the gun however and look to have peaked:
So we wait. I have placed my bets and we now let the market speak.