Both FX Indices closed with indecision style Spinning Top weekly candles! Both also remain in the range-bound patterns they have been in for the last couple of weeks. Traders need to monitor these patterns for any momentum based trend line breakouts for clues with other currency pairs.
Both FX candles are setting up with indecision style weekly candles before the markets close for the week. Keep in mind that next Tuesday marks the end of month, quarter and half year. The safe-haven flows due to increased Covid-19 concern have not been enough to help the DXY close with a bullish coloured candle.
The US$ enjoyed some Flight to Safety flows this week and has ended with a bullish weekly candle. The Covid-19 situation is still expanding in the US and Apple have flagged the closure again of some US stores. Major resistance from 98 lies just above for the DXY and will be the level to monitor […]
The US$ index closed with a another bearish weekly candle, the third in a row, however Friday’s candle was green following nine bearish days. Friday’s bullish candle was in response to the surprise NFP results where 2 million US jobs were added where a loss of almost 8 million had been expected. Whilst this daily […]
The US$ continues to struggle under the 100 level and the index will close with a large and bearish weekly candle. Risk appetite remains buoyed for the time being so it is not enjoying any flight to safety movement. Watch to see how this week’s ECB rate update impacts the FX indices.