Is Doom Nigh for the US Dollar? Chart!

The US dollar is attempting to break down today, which is sending just about everything priced in dollars up.



(Updated chart)

• You can see that the dollar has lost its grip on the blue short-term uptrend line.
• It went under support 1. It is now testing support 2.
• This breakdown is good for gold and miners
• Surprisingly, it has not been as good for oil and oil-sensitive stocks. WTH?
• Just because the dollar looks like it is breaking down, don't punch its ticket yet. The dollar has come back from the Cliffs of Doom© More than once recently. 

But if the dollar does break down, look for $UUP to test $24.85 followed by $24.50.

UPDATE: I just finished the other chart when I realized that UUP (and the US dollar) seem to be breaking the neckline of a head-and-shoulders pattern. Initial target for the breakdown would be $24.25 to $24.

(Updated chart)

To be sure, after breaking a neckline, it's often the case that the broken neckline will then be tested as overhead resistance before the final swan dive.