Both FX indices printed bearish-coloured Spinning Top weekly candles reflecting the indecision that continues to plague broader markets. The indices also remain divergent so keep this in mind if trading Forex in the coming sessions.
Both FX indices have printed bullish-coloured Spinning Top weekly candles ahead of next week’s FOMC. The DXY might have a technical edge though given it is displaying two different bullish-reversal patterns. As always, watch for momentum-based trend line breakouts.
The DXY is holding on for the time being and had its best week in some months. The US jobs data was better than expected so there was no flight to safety run into the US$. However, the weekly candle could still be viewed as a range-bound indecision style candle and it has failed to […]
The DXY is still looking heavy on longer term charts despite shaping up in a shorter term bullish-reversal descending wedge. The Jackson Hole Symposium did not get the US$ breaking out of this developing 4hr chart wedge but next week brings NFP so watch to see how this news impacts the US$. Also note that […]
The FX Indices have both printed reversal weekly candles raising the question about whether some mean-reversion might be due, even if only temporarily. This would have obvious consequences for many currency pairs and commodities so needs bearing in mind for trading in coming sessions. This week’s main calendar item is the Jackson Hole Symposium so […]