I posted last month on what appeared, to me, to be the end of the US dollar uptrend:
One of the traps that some folks fall into is that if an uptrend breaks then we must be in a downtrend.
Don’t ask me how I know this trap 😉
In that post a month ago I cautioned against assuming a downtrend, and even pointed out a horizontal support line the dollar was resting on:
- I am suspecting that while the steep uptrend is over, it’ll faf around for a while before establishing its next direction.
Which is what we got.
But now it looks weaker, pic below. BTW, I also pointed out in that linked post above (you really should check it out) that first year of Trump’s Presidency #1 was a downtrend for the USD. Here we go again?
I’m sure ForexLive traders out there will have better ideas on this me, post ’em in the comments please!