The US$ Index closed with another indecision style bearish-coloured candle as price action consolidates near the recently broken 10-yr support trend line. Price action is back below the 4hr Cloud and also looking a bit like a Bear Flag but caution is needed as the index weaves very closely to the 4hr Cloud and could […]
There are two main takeaways point to note for the week: Firstly, US NFP employment data was better than expected suggesting the economy is progressing at some pace, despite the impact from Covid-19. Secondly, Democrats and Republicans have failed to make a deal on the US relief package for Covid-19. It is no surprise then […]
The slide on the US$ continued last week but the Index will close the month near a potential support zone from a multi-year trend line. Traders will need to watch this region in coming sessions in case the index uses this support to take a pause, or to even try and carve out a pullback. […]
I mentioned two weeks ago to watch out for any follow-through with the risk-on shift with the FX Indices and this proved to be wise. The EUR/USD gave the best move last week. The FX Indices remain similarly aligned so watch for any more of the same. The bullish Cup’ n’ Handle on the EURX […]
Both FX Indices have closed with bearish weekly candles and the chart patterns on display over recent weeks remain. However, there has been one small change and that is that the indices have slipped into FX Alignment for what I used to call classic-style Risk-On. Read on to find out more. A recent example of […]