unforgiven

US Dollar index threatening to break long-term trendline!

AMEX:UUP   POWERSHARES DB USD INDEX BULLISH
33 0 0
The us dollar index             is threatening to break the long-term trendline that has supported price action since the bottom on May, 2014. Except for a few brief instances this trendline has served as life support for the entire rally, and a meaningful break of this trendline would have significant implications for commodities and currencies. Oil             and the Canadian Dollar             , ( FXC             ) are already signalling the imminent break of the dollar's support with their recent bottoming action. (see my other chart on oil             bottom). Other sectors to watch for possible trades would be the CRB index, OIH             , XLE             , DBA             , DBC             , DBE, as well as Gold             , Silver             , and currencies, especially the Canadian Dollar             . The other scenario that could be in play is a cup and handle formation in the dollar. This is a less likely scenario given all the supporting evidence in the price action of correlated markets, but still a viable outcome that would portend higher prices in the Dollar near term. The next few weeks will prove to be critical for commodities and bears watching closely.
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