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US$ to Correct

Tuesday, April 21, 2015 23:09

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Today’s chart of the day focuses on the US Dollar. The chart below shows the stellar rally greenback has delivered to those who were positioned right several quarters ago. It really has been one of the most impressive rallies for a major currency. The Index rallied from 80 to 100, from middle of 2014 until the first quarter of 2015. The question now is, what’s next for the reserve currency?

Chart Of The Day: US Dollar looks weak and could now correct properly

Source: Bar Chart

I have been warning for several weeks now that the US Dollar rally has most likely peaked back in middle of March, during the FOMC press conference. The index was extremely overbought and matched conditions last seen in 1985 Plaza Accord and 2008 Lehman Bankruptcy (both marked major USD tops). The chart above shows that the Dollar has spent over 9 months above the 50 day moving average. However, recent tape suggests that the Dollar might now break below and go through an overdue correction. Keep a close eye on the currency!

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