The US$ index remains trapped between key S/R levels as it heads into a week with lots of US$-sensitive data.
USDX daily: the bearish H&S is still in play here so watch the Shoulder resistance zone, at 102, or the Neckline support region, near 100 and the angled trend line, for any make or break activity. Price action remains trapped between these two regions and it has been like this for much of the first two months of this year:
USDX daily Cloud: price remains trapped below thin but now bearish Cloud:
USDX weekly: the weekly candle was a bullish coloured ‘Spinning Top’ suggesting some indecision:
EURX weekly: of more interest might be that the EURX has closed with a bearish candle and has fallen back into the Cloud. The index had managed to hold above this support since the middle of last year but it has now given way. However, watch for any potential support from the bottom of the weekly Cloud:
Calendar: there is a lot of US$-sensitive data next week as this screen shot reveals. The high impact items are the main ones to negotiate but there are quite a few second tier Fed speeches that could impact price action as well. The speech from the Fed Chair Janet Yellen will be one of the key items to monitor but this isn’t until Friday and near market close:
Summary: watch for any progress or rejection of the US$ H&S pattern as the next major move on the index will most likely shape the next major move across many FX pairs.
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