The $USD is now at a very critical level. Having recently met its downward target of 89 based on a Head & Shoulders or H&S pattern (see chart above), it is now testing its horizontal support. With a price/MACD divergence, it looks likely that it will go up. However, to confirm this change in direction (i.e. upwards), the RSI should bounce back up from its oversold level of 32 (or below). A buy signal would be given if the price moves above the 50dMA (for the short-term) and 200dMA (for the long-term). If it does not bounce up from here, it's next target will be around 80 as mentioned in my previous post here:
https://steemit.com/marketreport/@jmsm2/us-dollar-and-gold-is-the-usd-about-to-collapse-and-gold-about-to-rise
If it does bounce back up, this would be in line with a recent prediction by the well-known cycle analyst, Charles Nenner. It would be very interesting to see if Gold then moves in the opposite direction (as it usually does) or if we're now going to witness both USD and Gold moving in the same direction (which is very rare but a significant development). So, I'll be keeping a very close eye on the USD and Gold and will update this analysis when their trends are clearer.
If you've found this information helpful, please consider upvoting and resteeming this post. Thanks !
DISCLAIMER: I'm not a financial adviser, nor a professional trader and nothing I say here is meant to be a recommendation to buy or sell any financial instrument. It is purely for educational purposes. Don't invest money you can't afford to lose. Always do your own due diligence before trading or investing.
