US Dollar Intraday Bullish Phase Review

Since the January bottom the US dollar roared up in a zigzag fashion and then plunged down with what looks like a set of 5 waves down. I have an extra bounce during the early part of February which can also work as part of a diagonal. Sooner or later the US dollar should complete any bullish moves, but can still frustrate us to no end,  in the short term.

Investors love to see the US dollar soar with the stock markets, as it seems that investors are still infected with the “Stock Mania Virus”.  Stocks and the US dollar, soaring, caused gold to crash this afternoon.  We may see more upside with the USD but eventually it will resume its bearish trend.  We could still more upside, but last weeks COT report, the commercial traders are net short the USD.

US dollar investors have to get to a stage where they are extremely bearish towards the US dollar, and the commercial traders are piled in with huge net long positions.  Short term the USD bull may still dominate, but long term I’m bearish on the US dollar. (2-3 years)

I’m sure that once solar cycle #25 starts, the US dollar can turn and soar once again.

Hits: 7