Friends, I hope you are all having a great start to your week. I wanted to share the USD chart with you all. As many of you know, we called the TOP on this chart when we went parabolic last year. As we take a look at where we have come, we can take away TWO things that are critical to note:
1) Stoch/RSI has given the all-important Bear Cross, &
2) We printed a BEARISH engulfing Candle to end the year.
Bottom Line: Dollar Bulls have been wrong footed for the past quarter and it's my OPINION that we will see 90 on the USD before we see $120. To be frank, I see us going to the bottom of the channel before we see the Dollar Bull kick back into gear.
This is key as most know, since the USD has been the Fear trade for the last 6 months. As much as Bears want to talk Risk assets lower, they have been going up and have been resilient! Until we see a meaningful reversal on the USD, I remain long stocks and crypto's.