King Dollar Could Be Double Topping. Here’s What To Watch
US Dollar Monthly Chart
The US dollar has been a pillar of strength for the past 12-years, at it created higher lows starting in 2008, near the 70 level. Since these lows, it has rallied nearly 50%.
The 102 level was resistance for nearly 13-years (1987 to 2000) until an upside breakout took place.
The rally over the past 12-years took it up to test the 61% retracement level of its 2001 highs and 2008 lows and the 102 level again at (1), where it created back to back monthly bearish reversal patterns in 2017.
The rally over the past 2-years has King dollar testing its 61% retracement level and the 2017 highs again at the 102 level again at (2).
Is King dollar double topping at (2)? It’s possible! What would it take to prove that the upside trend has changed? A break below the 93 level. If it does breakdown, hard-hit commodities would benefit.
What would it take to prove that a double top is not taking place for the US dollar? A solid breakout above the 102 level, that has been resistance numerous times for the past 30-years!