Is the US Dollar Quietly Forming a Bearish Topping Pattern?
Chris Kimble | Mar 11, 2024 21:08
The U.S. Dollar continues to be the most powerful currency in the world. And for this reason, it’s also the most watched.
When the dollar is on the move, it can have an effect on the various asset classes.
Today we look at a weekly chart of the old King Dollar. And as you can see, the dollar has been stuck in a trading range the past 15 months.
During this time, the dollar topped out at the 50% Fibonacci retracement. Looking closer, is it possible that this top is the “head” of a bearish head and shoulders pattern?
Let’s just say that the odds are low that this is a head and shoulders topping pattern.
But it would be a really big deal if it is. So stay tuned.
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.