Courtesy of Chris Kimble
The US Dollar sell-off and subsequent rallies in the Euro and Aussie Dollar have given commodity bulls reason to watch the forex and be hopefull.
A weak Dollar (and strong Euro / Aussie) tends to be a tailwind for commodity prices.
As you can see in today’s chart, the US Dollar is in a trading up-trend. But King Dollar is struggling to get over its 61.8% Fibonacci level. In fact, the latest decline has come from this level.
The Dollar is now nearing up-trend support at (1). This comes as the Euro and Aussie are testing important resistance levels at (2).
A Dollar breakdown (and Euro / Aussie breakouts) would be a bullish signal for commodities… from precious metals to energy to agriculture. Stay tuned!
This article was first published at See It Markets.com. To see the original post CLICK HERE.
To become a member of Kimble Charting Solutions, click here.
