The US$ is under pressure again and back down trying to defend the 95.50 S/R level. Just as important to note is that the EURX has broken out of a 5 1/2 week trading channel and made a daily close above the key 100 S/R level.
USDX 4hr: I mentioned earlier this week that the 61.8% fib would be a test for the US$ and that it was. One that it failed!
USDX daily: watch the 95.50 level. I would expect that any break and hold below this 95.50 level would be bullish for FX risk pairs: AUD/USD, NZD/USD and even the EUR/USD.
USDX weekly: a weekly close below 95.50 would be bearish and open up the prospect of a trip down to 92.50:
EURX 4hr: the index has finally broken out of the 100-99 channel after 5 weeks of range-bound action:
EURX daily: there has been a daily candle close above 100:
EURX weekly: keep an eye on the weekly chart’s trading channel here:
FX Index Alignment: whilst the EURX is aligned for LONG EUR$ the USDX is divergent across its 4hr and daily Cloud charts. However, the EURX remains above the weekly Cloud and the USDX below the weekly Cloud which supports ‘risk-on‘. I’m on the lookout for any new FX Index alignment.
USDX weekly Cloud: this is bearish action whilst it is below the Cloud:
EURX weekly Cloud: this is bullish action whilst it is below the Cloud:
NB: I am away from Friday in Melbourne for the w/e so further updates will be brief and might be delayed until next Monday.
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