Dollar's Vengeance 8/20/2020
Dollar at the daily view.
According to Bloomberg, the dollar has the highest short interest in all of its known history. Much like the NQ, what happens when shorts are overcrowded? You get a violent snapback to the other direction.
The overall trajectory is still a downward channel for the DXY. That bias may change if the dollar somehow breaks the channel's resistance and reclaims its 11-year-old uptrend channel (green dashed line). That's a fat chance at this point due to accelerated inflation.
So far the DXY is starting to form a possible inverse head and shoulders pattern. IHS patterns are not bullish until the neckline breaks. If this pattern does play out, then gold and silver may provide a great entry point long-term.
According to Bloomberg, the dollar has the highest short interest in all of its known history. Much like the NQ, what happens when shorts are overcrowded? You get a violent snapback to the other direction.
The overall trajectory is still a downward channel for the DXY. That bias may change if the dollar somehow breaks the channel's resistance and reclaims its 11-year-old uptrend channel (green dashed line). That's a fat chance at this point due to accelerated inflation.
So far the DXY is starting to form a possible inverse head and shoulders pattern. IHS patterns are not bullish until the neckline breaks. If this pattern does play out, then gold and silver may provide a great entry point long-term.
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