US$ gets a boost but is still below 95.50 resistance

The US$ received a helping hand yesterday from two fronts:

the fall in the Euro following ECB comments to expand their QE program. The EUR makes up about 57% of the US$ index so this fall with the EUR boosted the USD.
the better than expected US housing data.

The rejuvenated US$ rose back above a recently broken triangle trend line but has stalled, ahead of tonight’s FOMC, just under a significant horizontal S/R level at 95.50.

USDX weekly: the US$ has reclaimed the broken triangle trend line but has come to rest ahead of tonight’s FOMC just under a major S/R level at 95.50. The hold below 95.50 for now is helping to give this weekly chart a bearish H&S appearance. A break and hold back above 95.50 would be bullish and would suggest that another attempt on the key 100 level might be the next target.

USDX 4hr: the broken trend line has been reclaimed but this chart shows the respect, for now at least, of the key 95.50 level:

EURX 4hr: the index has pulled back to the support of the 4hr 200 EMA:

EURX weekly: there is a bullish looking inverse H&S here to complement the bearish pattern on the USDX weekly chart:

FX Index Summary: The slide for the US$ has stalled ahead of today’s FOMC Minutes at a key S/R level at 95.50 and this will be the demarcation level to watch in coming sessions. A close and hold back above 95.50 would suggest the resumption of bullish momentum but a failure to close above this resistance would support bearish follow through.

S&P500: there has been a new bullish Tenkan/Kijun cross. Todd Gordon has just posted an interesting video on the S&P500 worth watching. He suggests there is room for a bit of a higher run but that June /July could be problematic for the index based on recent history:

Silver and Gold: both have pulled back with the recent US$ strength BUT note how the 50% fib has held price…for now that is!

Silver 4hr: The TC signal has closed off here but note the 50% fib support. Silver is still above the 4hr Cloud:

Gold 4hr: the 50% fib is holding here for now as well. We haven’t had the test of $1,200 just yet. Gold is also still above the 4hr Cloud:

TC Signal: the signal of the Kiwi is up about 70 pips and price is testing the 0.735 level again:

Other FX: the moves seen overnight were to be expected given the strengthening US$. The falls on some pairs did not result in new TC signals as there was no confirmation from the Ichimoku Cloud. Note that there is FOMC and GBP Bank Rate Votes data scheduled for later today:

E/U 4hr: the 4hr 200 EMA has been support here. The E/U has only just moved back below the 4hr Cloud and so any continued bearish sentiment may support a new SHORT TC signal:

E/J 4hr: the 134 level held here. The E/J has only just moved back below the 4hr Cloud and so any continued bearish sentiment may support a new SHORT TC signal::

A/U 4hr: support has been broken but price isn’t straying too far from the 0.795 level. The A/U has only just moved back below the 4hr Cloud and so any continued bearish sentiment may support a new SHORT TC signal::