Commodities Countdown

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

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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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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
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