The US$ index closed with a bullish weekly candle and above the psychological 100 level but there’s not a whole lot to be excited about here given the low level of momentum. This conflicting technical picture of the US$ index was reflected in last night’s batch of US data which revealed dismal Retail Sales but a better than expected Consumer Sentiment print. There are a couple of Fed Chair Powell speeches next week so watch to see if these have any impact on the US$ given President Trump’s recent comments on negative interest rates.

DXY

DXY monthly: any bullish monthly breakout would bring 120 S/R into focus:

DXY weekly: a bullish weekly candle BUT on very low momentum:

DXY daily: still range bound:

DXY 4hr: watch for any momentum-based TL b/o:

EURX

EURX weekly: an indecision style bullish-coloured Spinning Top weekly candle:

EURX daily: range-bound on low momentum:

EURX 4hr: watch for any momentum-based TL b/o:

FX Index Alignment: the FX Indices are aligned for risk-off:

• EURX: is below the 4hr Cloud and below the daily Cloud so aligned for SHORT EUR$ price action.
• USDX: is above the 4hr Cloud and above the daily Cloud so aligned for LONG US$ price action.

Calendar: watch for impact from the Fed Chair Powell testimonies as President Trump contemplates negative rates .