THE BIG PICTURE: After a strong move up off of a long term base, there is a long term fib line that is coming into play. The chart is switched to a log based axis. Fib lines are stronger when they are coupled with trend lines . Without over complicating the chart, it is apparent that two conditions here are helping give a bearish outlook to the Dollar.
THE TECHNICAL STANDPOINT: Price should continue to oscillate around the current level until all the buyers have been exhausted. The prudent trader will allow the daily timeframe to start to show a sell pattern. Once the swing point is established then risk can be measured and an adequate trade can be placed. For now the smart thing is to anticipate this level to be respected.
Positively correlated markets including Dollar Index Futures and UUP Stock ETF are among the favorites to trade this idea. However the impact of this move will be felt in every market under the sun.


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