From a technical perspective, the US Dollar index is not looking good, while oil has just broken above one of its downtrend lines. While the Dollar hasn't broken its uptrend from its July lows yet, it's getting very close, and the action of the currency over the next couple of days should provide insight into how it will trade over the next few months. If it can hold support, it will remain in bull market mode, but if it breaks its uptrend line, look out below. Oil, on the other hand, finally looks to have at least stabilized from its epic freefall since its July highs. While it has a long, long way to go before putting a dent in its losses, its recent break above its short-term downtrend line is a start.
Subscribe to Bespoke Premium to receive more in-depth research from Bespoke.