The dollar break-out continues. Notice the following:
-- Prices broke through the downward sloping trend line a few weeks ago. Then prices moved along this line for a bit consolidating gains. This week prices moved up with a gap up. That's a big move.
-- The 10 and 20 week SMAs are both moving higher
-- The 10 week SMA is above the 20 week SMA
-- The 10 week SMA is about to move through the 50 week SMA
-- It's possible to see a double bottom now. Note the first would be at 70.70 and the second would be at 71.30. I prefer double bottom to have a more pronounced space between the extremes, but that doesn't always happen.
On daily chart, notice the following:
-- Prices broke through both resistance lines at the beginning of August. Note the strength of the trend break -- very strong.
-- All the SMAs are moving higher
-- The shorter SMAs are above the longer SMAs
-- Prices are above all the SMAs
-- Prices used the 10 day SMA as technical support
This is a bullish chart right now. Note on the upper chart there is strong resistance in the 80 area. Expect that to be an important technical level going forward.
I'm on Linked In and Twitter (@captivelawyer). Silver Oz's Linked In name is @silver_oz. NDD is a fossil and may be reached by etching a picture in stone on the wall of a cave.
The Bonddad Economic History Project
At the beginning of 2012, I decided to start looking at the actual, statistical history of the US economy starting in 1950. The reason is simple: to find out what really happened. So, when you see title of a post that begins with a year such as 1957, followed by "employment" or "Fed policy: you know what it's for. You can also access the information by typing in BE for Bonddad econ and a year to find information on a particular year.
Here is a link to pages that contain links to all the posts on the years listed.