Morning Update: Is the US Dollar about to go on a tear?
Yesterday the DXY came right into support of both the 1.0 Fibonacci extension and the wave iv of one lesser degree. I would anticipate over the course of the next six months, the dollar will rally in its wave 5 possibly to $115.50 as high as the $122 level.
What the implications are to the US indices, Crypto, etc...I will not comment. Economically I would assume the stock market would not like that. However, I do believe this chart portends that interest rates will continue to rise into the first half of 2023 at the very least. Maybe towards the end of summer the Fed pauses rate hikes. I can only speculate on the catalysts, events, etc what the aftermath could be....however, what does appear clear is DXY may be about to go on a tear once again.
Best to all,
Chris
What the implications are to the US indices, Crypto, etc...I will not comment. Economically I would assume the stock market would not like that. However, I do believe this chart portends that interest rates will continue to rise into the first half of 2023 at the very least. Maybe towards the end of summer the Fed pauses rate hikes. I can only speculate on the catalysts, events, etc what the aftermath could be....however, what does appear clear is DXY may be about to go on a tear once again.
Best to all,
Chris
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