Dollar may face critical point this week

27 March, 2017

Technical charts for the dollar suggest the currency could face a critical juncture as soon as this week.The 20-year weekly chart shows a steeper upward trend for the dollar from early 2014.If this uptrend breaks down, the dollar will very likely have signaled its top within its longer, 15-year super cycle.Charts of dollar movements over the past several months indicate the U.S. currency is at a short-term inflection point.It may be forming a double bottom pattern from which it will bounce off.The alternative would be for it to break down creating a failed trading cycle.We are either on day 35 of the current trading cycle or on day 2 of a new trading cycle.This suggests the direction the dollar takes will be decided rather soon.

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