Tuesday, November 3rd. 2009- Special Update on the US Dollar
The Dollar could fool everyone ...
Just as Foreign countries are diversifying out of the Dollar ... just as the Dollar's carry trade is being overdone, the Dollar is poised to make an upside run.
Take a look at today's chart and what do you see?
The Dollar just started to break above its 8 month resistance line. At the same time, its Relative Strength has been trying to move above a resistance line for 7 months ... until yesterday when it broke out above it.
Granted, the RSI is still not very strong, but if it starts to trend up and can make it above 50, then the Dollar could catch fire on the upside. Right now, our Accelerator is a strong positive indicating that the RSI should move up higher from here.
If we get a significant up day on the Dollar soon, it could be a game changer because too many investors and countries are on the wrong side, which could initiate a short covering rally.
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