The US Dollar index has made a "golden cross" today, as its 50-day moving average has crossed above its 200-day moving average as both are rising. The "golden cross" is viewed as a positive by market technicians, as it is thought to signal a significant favorable turning point. Regardless of your thoughts on technical analysis, the chart below highlights a clear shift in the Dollar over the last few weeks.
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This article has 5 comments:
Is that like the stars being in the correct alignment?
Good work Bespoke Investments! Your technical indicator is a positive sign. After seeing many candlestick "hammers" & "shooting stars" on USD daily charts last night it wouldn't surprise me to see an interim dollar correction coming. After this week I'll probably step aside a few days as nothing would make me happier than getting long dollars in to temporary weakness.