US Dollar Daily Up Again Today

USD Index Daily -

The US Dollar was up today and hit a two month high.  It also continued above last week’s channel resistance.  We treat this now as support.  The MACD has turned up again – as we have said earlier the longer term is likely to be wave 3 up – very bullish.  A MACD that hooks 3 times as it moves toward overbought can be very bullish too.  As mentioned earlier, the US Dollar is most heavily weighted against the Euro, followed by the Yen and the Pound and then the Canadian Dollar – about 93.1% combined weighting against the US Dollar.  The Euro appears to have started into wave 3 down (was down 1% this week) – this should mean that we will see accelerated moves in the US Dollar to the upside very soon. A stronger US Dollar (weaker Euro) will drive markets and commodities down.

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