The dollar in some short-term trouble as economy looks South
Peter Oberois
Feb. 3, 2007

The US Dollar chart is bullish for long term but in the short term it looks real bad. Most likely a nasty correction and a retest of the lows is waiting to happen.

As the economy heads South and the credit bubble collapse, US Dollar should do far better than other currencies. The worst performer will be gold, metals and energy. But for the next several months it seems, a corrective bull wave for the gold and oil will continue. The interest rate cut hopes from Fed is diminishing. The bond market looks North. The dollar is in trouble because the traders still do not realize that dollar benefits from a major slowdown in US economy.

The Gold on the other hand shows signs of making a new high before collapsing on the long trend. The sentiment factor is massive. The dollar bulls are out again and some gold bulls have started hiding. That scenario is always accompanied with bull rallies for gold and a short but shocking drop for the dollar.

Any weakness in dollar will used by ‘Smart Money’ to accumulate dollar.

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