SamKent
Short

Dollar Index and OIl telling a similar technical story

INDEX:DXY   U.S. Dollar Index
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We've had a lot of turmoil recently in the Dollar as well as in the price of various commodities , the prime one of which has been oil             . We're currently looking at a technical confluence between the Dollar index             chart and the US Oil             chart. The weekly chart for the DXY             ( Dollar Index             ) which weighs the dollar vs a basket of currencies, shows us that the Dollar has rallied strongly and impulsively into a well defined resistance area , and has since found significant selling pressure and was unable to breakthrough, forming longer upper wicks that indicate a struggle and indecision in the market. Looking at the price of oil             in dollars, we can see oil             has been falling precipitously, but has now reached a well defined support area . This strong confluence on the weekly is a strong technical indication that the Dollar's rally may be in some jeopardy, at least in the short term. Given all that, we're looking for some short to medium term opportunities to short the dollar, preferably vs economies that are big oil             exporters. With that in mind, we'd likely look at the USD/CAD             , USD/RUB             and USD/NOK             as a potential short.
I don't see any serious correlation between oil and US Dollar
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