The US$ index has closed higher for the week BUT the low levels of momentum across both the DXY and EURX make this move rather questionable. Forex traders need to keep an eye on momentum and wait for any uptick before there can be much conviction with any trend line breakout movement. The three Central […]
Markets are very choppy at the moment and not suited for longer-term trend trading. There is great uncertainty about the ongoing economic impact of Covid-19 and the S&P500, despite the recent bounce, still has potential to track the same bearish route seen during the GFC.
The US$ continues to creep higher but stocks received a boost as Oil pricing recovered. Gold is also higher and gave a new Bull Flag breakout from yesterday’s chart pattern.
Last week: It was a relatively quiet week for trend line breakouts but I suspect traders around the world are watching the US stock majors of the S&P500 and DJIA to see how these indices react at looming key resistance: success might allay fears of another Global Financial Crisis-style pullback but failure might bring deja vu […]
Both FX indices have closed with Spinning Top weekly candles extending the theme of ‘indecision‘ that has plagued FX markets of late.