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US Dollar Declines

 

These swift moves have helped push gold (NYSEARCA:GLD) to new highs.

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But they have also brought this trio of currencies to a critical juncture, reflected in the charts above. The US Dollar (NYSEARCA:UUP) is testing trend support at (1) while the Euro (NYSEARCA:FXE) and Aussie Dollar are testing trend resistance at (2).

Currencies Face Big tests of Support and Resistance!

So will these short-term moves end here and allow the broader trend to continue?

Or will the US Dollar break down and Euro / Aussie Dollar breakout higher, causing major trend changes?

Metals want/need to see King Dollar break support and the Euro/Aussie dollar breakout? If these long-term trends do not change, odds are high metals are near a peak in prices.

This article was first written for See It Markets.com. To see the original post CLICK HERE.