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Good News Has Not Pushed the US Dollar Higher!
Employment report better, higher 10 yr interest rate, higher stock prices, US FED tapper, yet the US dollar is not moving higher. Good news with poor price action is bearish. The coffee may be getting very cold!
Of course maybe the US centric good news is being offset by the massive amount dollars in the world and less folks want to use them (Russia, Europe and China deals in energy). The US dollar is also known as the petrodollar (back by the fact that oil is to be traded in US dollars), but that definition maybe getting a trimming when huge amounts of oil and gas to be traded in yuan, euro or rubles. Just a reminder, the petrodollar was formed while China, Russia and half of Europe was behind a communist curtain in 1970s, that ended in the 1990s, and now in 2014 Russia and China have economic strength and it is common sense they use it.
Can the US dollar accept the change that is clearly coming?
Charts - Cycles that is very well formed, suggest another down swing is due now!
Chart - Channel Close up - Yes prices could break either way in the short term.
Channel - Long - Trend is down!
"I latter told my students, 'think in waves' [of price and volume]"
- Richard D Wyckoff
"Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway"
- Warren Buffett
NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net