When I see this US dollar chart, it sure looks like a bullish move to me. Even with all the Trump rhetoric, the US dollar is taking it in stride. I’m starting to push my degree levels to the point I may run out. When that happens then a bigger review will need to be done. The US dollar has demonstrated to me that it remains in a bullish trend, which started way back in 2008! It may take the rest of the week or longer, but the USD should show us new record highs.
Anything above the 104 price level could be the setup for a major USD reversal. All other currencies inside the US dollar basket should react positively as well. One way to look at it is that we include gold inside this basket, as it acts inverse to the US dollar very well. Demographics is the main driver of the US dollar as very few even look at the generational impact of the aging boomers.
Breaking out over 97.700 would be the first hurdle to cross, but an impending small double top could put up a good fight. Some analysts are saying that 2019 could be very positive for gold and I see no problem with that, but I would like to see my wave count of wave 3 in Primary degree start to arrive first.