The US$ has closed higher for the week following FOMC but it re-treated a bit on Friday and, as far as I’m concerned, it has failed to place a convincing stamp on the week. This isn’t a huge vote of confidence for the LONG US$ trade as there is some clear indecision still under the key 100 level. The US$ is trading in the Cloud on the 4hr chart and the EURX is trading in both the 4hr and daily Cloud. Thus, we could see some choppiness for a bit longer here.
USDX weekly: higher for the week but didn’t close above 100 or at its highest level:
EURX weekly: lower for the week but no little disgrace at all printing an indecision style ‘Spinning Top’ to close out the week:
USDX 4hr Cloud: trading in the congestion of the 4hr Cloud:
EURX: trading in both the 4hr and daily Cloud:
EURX daily Cloud:
EURX 4hr Cloud:
Summary: I am away for the next 2 weeks but not too fazed as I think it might take a bit longer for the US$ to carve out its next path. Many are convinced this path is higher but I’m not so sure. As I keep saying though, I’m looking for either a clear break and hold above 100 or below 92.50 and this hasn’t been decided just yet.
NB: Updates over the next 2 weeks will be brief and few.