Loading ...DXY parabola
DXY is in the midst of a parabolic uptrend. Today despite a hot CPI and likely increased rate hikes the DXY is tanking. Weekly chart shows another possible shooting star. Looking like a checkback on the weekly chart to retest this parabolic uptrend. Once the parabola is broken I expect a significant correct in the DXY which will send metals, crypto, stocks flying.
I do think there is a lot of intervention by worldwide central banks selling dollars and buying their own currency which could be driving some of this action as well.
Thanks for the timely post, dadoc1.
I also noticed a parabolic rise in the UUP yesterday, and that the meteoric dollar rise in 2014/15 is the same as the percent dollar rise today.
My thinking is if the dollar has not topped, it should be in for a lengthily correction.
I sold my leveraged position in the PMs yesterday. I figure its time to stand aside until the market figures out what it wants to do.
(Oops Correction) …if the Dollar has not topped, it should be in for a lengthily CONSOLIDATION.
Whether correction or consolidation in DXY, I’m trying to put my head around Rambus’ post of him having finally turned bearish.
I’m still long many PM juniors … not throwing in the towel yet.
Some pieces of the puzzle are missing … don’t know which ones 😉
Highroller/Spock/Fully/Chartsmaster … what is your take?
GL
Since you asked GL this is what I posted on Monday BEFORE the dollar decline today.https://goldtadise.com/?p=554411
Sir GL perhaps a breather for the dollar until Nov elections. Europe is fracturing and many war mongers on the Republican side does not help Euro land. I watch the trend line for support. As for Gold I am watching the COT and weekly divergence on miners would be a plus. Armstrong says more downside so expecting miners to go with.
https://www.tradingview.com/x/ejZUZG96/
https://www.tradingview.com/x/97rnrdKK/
The final stage of a blow off is typically the most extreme portion of the entire move. By my eyes, it looks like the USD has a lot of room an time to run much much higher into 2023 until it literally goes vertical.
Since June 2021 we’ve had higher highs and higher lows on this relentless march higher for $USD.
What If we fail to reach a new high in the next few weeks and hit a lower low? Just asking for a friend.