U.S. Dollar Could Breakout
The U.S. Dollar looks to have created a “Bullish Flag Pattern” with it breaking to the upside at (1).
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In the link just provided, the flag pattern is discussed as well as how one should calculate the “measured move” aspect of this pattern. Inset gives you an idea of what the pattern looks like in general.
If the pattern read is correct, if the US Dollar (NYSEARCA:UUP) takes out the 100 level, it could be free run run much higher.
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Joe Friday, just the facts….The measured move suggests that if King Dollar can take out the 100 level, it could make a run to the 115-120 zone. If this takes place, the commodities space, metals in particular, could get hit hard.