US Dollar Pattern Signals Caution For Risk On Assets
The US Dollar is doing a rope a dope, it has taken a real beating, it has yet to show it's hand!
Rope a dope.."The rope-a-dope is performed by a boxer assuming a protected stance (in Ali's classic pose, lying against the ropes which allows much of the punch's energy to be absorbed by the ropes' elasticity rather than the boxer's body) while allowing his opponent to hit him, providing only enough counter-attack to avoid the referee thinking the boxer is no longer able to continue and thus ending the match via technical knockout. The plan is to cause the opponent to 'punch himself out' and make mistakes which the boxer can then exploit in a counter-attack."..
The UUP is bearish as it is under the brown 1x1. However it is building a strong pattern. Chart watches must watch this chart, a break above the 1x1 would signal real problems for risk on assets. Are the US Dollar traders 'rope a dope' the world markets, watching and waiting?