Friends, I hope you are all having a great start to your week. I wanted to share the $USD chart with you all. As many of you know, we called the TOP on this chart when we went parabolic last year. As we take a look at where we have come, we can take away TWO things that are critical to note:
1) Stoch/RSI has given the all-important Bear Cross, &
2) We printed a BEARISH engulfing Candle to end the year.
Bottom Line: Dollar Bulls have been wrong footed for the past quarter and it's my OPINION that we will see 90 on the $USD before we see $120. To be frank, I see us going to the bottom of the channel before we see the Dollar Bull kick back into gear.
This is key as most know, since the $USD has been the Fear trade for the last 6 months. As much as Bears want to talk Risk assets lower, they have been going up and have been resilient! Until we see a meaningful reversal on the $USD, I remain long stocks and crypto's.
1) Stoch/RSI has given the all-important Bear Cross, &
2) We printed a BEARISH engulfing Candle to end the year.
Bottom Line: Dollar Bulls have been wrong footed for the past quarter and it's my OPINION that we will see 90 on the $USD before we see $120. To be frank, I see us going to the bottom of the channel before we see the Dollar Bull kick back into gear.
This is key as most know, since the $USD has been the Fear trade for the last 6 months. As much as Bears want to talk Risk assets lower, they have been going up and have been resilient! Until we see a meaningful reversal on the $USD, I remain long stocks and crypto's.
JT