The US Dollar has the attention of the global financial markets, especially the commodities sector. Just check out the action in Grains, Oil, and Precious Metals. Earlier this week, I highlighted the weakness in Gold and Silver. SurelyÂ a function of a stronger US Dollar.
So, is the US Dollar setting up for another move higher? Letâ€™s see what the chart is telling us and check in on some key Fibonacci levels.
Here are some highlights and takeaways from the US Dollar chart posted below:
- From the low of 79.77 on July 1st, 2014,Â to the high of 81.34 on July 29th, 2014 the Dollar increased by 1.96%.
- The Dollar then consolidated for the next 14 trading days in a 0.51Â¢ range.
- From the low of 81.64 on August 19th, 2014, to the high of 84.38 on September 9th, 2014 the Dollar increased 3.35%.
- The Dollar is currently consolidating again, so far, in a 0.46Â¢ range.
It will be important to see if the US Dollar Index can consolidate once again over the coming days. ThisÂ will be interesting to watch to say the least.
The annotated chart is below.
This post originally appeared on See It Market.