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Crude makes weekly top, 5-Yr notes a weekly bottom. A pause in $ weakness?

Last week WTI and Brent crude oil futures made weekly-scale top extensions. Both had already made daily-scale top signals as reported in the January 10th edition - only the new WTI signal is shown here, as they are identical in appearance.

At the same time the slide in shorter-term US Treasury note prices has resulted in a weekly-scale bottom extension in the 5-year note:

Crude & 5 Yr wkly exts

These have the usual meanings - watch out for a pause or reversal in the embedded trends of both these markets.

The recent US$ weakness has also produced an extension at a daily scale in the US$/NZ$. This is not a major currency pair of course but when placed alongside the US$ index chart, you can easily see that it has moved quite closely (although inversely) with that important index:

NZ$ & & index

This is a warning that we should not get too complacent about the US$'s downtrend - there may be some rallies ahead, even though we think that there will be more weakness eventually. Take care not to let profits evaporate in the meantime.