The USD, using the DXY below, looks about ready to either shoot higher or lower. Over the past several weeks, currencies – like many/most asset classes – have experienced near record-high volatility. With the rest of the world having issues similar to ours here at home, but mostly worse elsewhere vs. here, the USD should likely stay bid and breakout of this tight wedge to the upside. Watch where it goes from here, as more times than not, US equities have traded down when the USD moves higher.
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|Chart of The Day – May 12, 2020|