Trump rally fading?
Welcome to this new week.
President Trump was unable to push is healthcare bill forward and investors are losing faith in his ability to go trough the financial reform he had promised. The dollar is losing strength and the 99.50 support was not able to hold and now trading at 98.60 levels. Safe-haven asset are reaching monthly highs such as Gold, Silver and Yen.
After the 60 year anniversary of the Euro trading bloc and positive sentiment from all it’s current members and a possible end of the Trump rally, the Eur/Usd is now testing the 1.09 figure. Last time it crossed this level was November 11th and it has stayed below all the time until today. All major moving averages have been crossed with the 500 day moving average now as next possible target around 1.1025. The 100 day moving average is around 1.0630 and shows the heavy bearish pressure the euro has been these last 90 days. After current new higher highs and new higher lows, it could be time for a small bullish channel and the 100ma to start turning up.
On a much longer timeframe I believe that the dollar is unable to keep its current global currency stays forever, but something needs to replace it, maybe the euro, maybe the yen, maybe a new currency composed of a basket of currencies and gold, similar to an index, perhaps a new german blockchain digital currency as this article suggest???