Is the dollar six year decline coming to an end? The monthly chart shows a descending wedge which could soon give ammunition to dollar bulls. We will need two important confirmations. The first would be a monthly close above the 10 month moving average, presently at 74.73. The second and most important test will be a close above the confluence of two major trendline resistances between 76 and 76.90. An all clear would be a close above the 2004 low of 80.39.
If true, this would impact the price of oil, something I’ve commented on previously on this blog.