Commodities Countdown

US Dollar ($USD) Becomes The Elephant In The Room

Commodities have been struggling recently, even while the $USD has been declining. Today marks an important place on the charts. The dwindling momentum on the MACD and KST on this $USD chart may be pointing to changing times. Both appear ready to start turning higher on the $USD chart. If the downtrend in the $USD is ending, this chart becomes the elephant in the room for Commodities in general. If the dollar is going to rise, Commodities will struggle to rally with a dollar headwind.

There is a wider view on the $USD that looks particularly important. If this is the last low before a soaring US Dollar, this would impact Commodities significantly.

I will be posting a video recording for Commodities Countdown 2017-06-15 and I will cover off this US Dollar setup in detail. You can also find other video recordings on the Vimeo channel. Greg Schnell.

Tom Bowley is away so I will be a co-host on the MarketWatchers Live show for Friday June 16th. I will be trying to show some other charts that were leacing to a $USD breakdown instead. This is an alternative setup for the US Dollar that looks less likely, but it is a very important time over the next few weeks for the Dollar direction.

Good trading,
Greg Schnell, CMT, MFTA

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