US Dollar Index - The Collapse

TVC:DXY   U.S. Dollar Currency Index
1356 25 48
The dollar was not able to break above 98.47 at the daily cycle high(DCH) . It's a very bad news for the dollar longs because now I'm 100% sure that we will break marginally down from the range in the next 2 weeks (blue).

The dollar is ready to print a DCL in the following 2 weeks. The DCL will come down minimum to the bottom of the range and most probably will break it down marginally.
After the DCL a new daily cycle will be started but it's going to be a weak bounce with a daily cycle high around 95 and it will end in a panic selling far below the range around 85$.

Your analyse is very interesting.
Regarding gold, and even if it is difficult to forecast it, what level do you think that it can go before the end of the year ? 1400 ? 1500 ? 10000 ? (for 10000... ok... sorry... i pushes it a bit far !... i concede it to you)
We will see 1500 this year maybe 1600.
bobrenard96 chartwatchers
Thanks very much for your opinion!
Great !
If DXY collapses, then you should bet on gold (as you are) but also on oil ?
chartwatchers PRO showerreport
You should be in gold already or open today the latest.
OIl will follow stocks from now. A weak dollar could help oil in its rally but first it needs to bottom.
Oil many times not following the dollar....
showerreport chartwatchers
Thank you very much! I think that oil could go south depeding on wether the FED winks the eye on a September hike on August 26th. On the other hand FED's policy has used BOE as a bellweather, in this case BOE went backwards on hiking and maybe the FED will remain in .25-.50 has its bellweather is advicing or hike (number are telling don't do it and trash the dollar) as they will handle the moral hazard of not hiking they´ve said 4 hikes.

What are you think about the VIX should we go to 15?
Nightstar PRO showerreport
OIL is a 'buy' at these levels but would wait for it to tag the 10DMA at the very least. Also.. OIL could churn while stocks look to correct momentarily.
+1 Reply
showerreport Nightstar
Thanks very much for your opinion! so VIX is going north?
chartwatchers PRO showerreport
Yes. But don't wait that to go above 20...
That was an ICL in June. So It will pop to 14-15 maximum.
Thank you chart watchers! DXY was rejected from 55 weeks SMA also was rejected from 200 days SMA. It has never closed above those key levels. Nice call for the metal.
+1 Reply
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