US Dollar Breakdown Potential (updated)

Some interesting patterns are emerging in the US dollar.

Weekly it appears to be forming a double top as shown.

The daily pattern is exhibiting a bear flag after breaking down out of a rising wedge as follows:

If the patterns do follow through as we suggest, commodities from oil to copper to silver and gold should see some short to intermediate term relief.

Even though the Fed came out with a not particularly dovish statement and indicated several more interest rate hikes, the dollar is weakening.

Perhaps the market is not convinced of the Fed's bullish economic views at the moment.