I noticed the British Pound took an absolute thumping this week. It moved almost 5 cents to the $USD.
But more importantly, the USD has moved above the long term trend line.
As the largest currency in the world, that would suggest money continues to move to the $USD.
For safety, for the best opportunity for return or for trend following, the money is going to the USD.
Click here to see the live $USD Chart.
We will move the dotted line over if it closes the month here.
Lastly, the big picture currency chart with of of the $USD index currencies. Here is the live link $USD Currencies
They are all breaking down slowly. The British pound and the Canadian dollar are the most recent.
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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