In Less Than 2 Weeks The Dollar Will Start Moving Up
Within the next two weeks ... the U.S. Dollar will finish bottoming out and start moving up.
This morning's update will look at two U.S. Dollar charts ... short term and long term.
The first is the weekly chart of U.S. Dollar going back to 2005. Very clearly, you can see that it has been in a down trend since 2005. Its descending channel has held steadily all the way down.
However, the Dollar fell below the channel and held support for the past four weeks. It is now in a bottoming consolidation. See the next chart ...
This next chart shows the daily movement of the Dollar from 2006 to today.
This chart has two indicators attached to it ... the Relative Strength reading, and our Hybrid Accelerator indicator.
Here is what these indicators are saying:
1. The Relative Strength shows that the Dollar reached an oversold level on March 17th. Once the Dollar hits an oversold level, the typical pattern is for it to consolidate for a few weeks and then start an upside move.
We are now in our 4th. week of consolidation.
2. Now, take a look at our Hybrid Accelerator at the bottom of the graph. Its red/blue trend lines are now moving up, confirming that an oversold bottom is gathering the muster to change to an upside move.
The fast green Hybrid Accelerator indicator is now positive (above the horizontal line). It has not made a higher top over the previous (green indicator) move yet. But when it does ... within the next two weeks, that will confirm the Dollar is ready to move to the upside. [This chart is posted on our Advanced subscriber site every day.]