Headlines:
DOLLAR IN NEW SPIRAL…
…biggest one-day slide against euro
OPEC deepest oil cut to rescue prices…
YET PRICE TUMBLES BELOW $40 FOR FIRST TIME SINCE ’04…
Let the charts do the talking…
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[…] Perruna] discusses Dollar & Oil both Dropping and also weaves in charts of the S&P 500, Gold, and the […]
hey Chris, long time no talk.. happy holidays to ya. Looks like the dollar may stage a recovery rally soon but longer term it looks like lights out or at the very least a test of the lows around 71. That new ProShares UltraShort Euro ETF (EUO) will be a nice tool in the arsenal.
This is a very helpful juxtaposition Chris. I’m curious about your thoughts on this:
Our charts are showing a strong bullish OBV divergence on the dollar (dollar falling while OBV rising) yet no similar divergence on oil. Likewise, there is a strong bearish OBV divergence with the recent Euro spike.
A Break above 73 $ should assure 73.5 to 75 target. Only a fall below 71.4 $ can give 69 $ target. Trading range is 71-73.4 $