Bad week for the US$.

It’s been a bad week for the US$ with bearish continuation kicking in after the index failed to recover above the broken support trend line and the weekly Cloud with these old Support levels now being rather formidable Resistance zones. Relatively hawkish commentary from ECB Draghi and BoE Carney dominated over US rate hike thoughts and undermined the US$. There is a lot of US data slated for next week so watch to see how these items impact the current downtrend. 

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FX Indices: both under major resistance.

There’s lot of talk about future US rate hikes yet the US$ remains below major resistance levels and I’m wondering what type of data or Fed talk is needed to get the the index over these levels? Both FX Indices printed bullish coloured indecision-style ‘Spinning Top‘ candles last week and both are trading under major weekly resistance so it’s a ‘draw’ for them at the moment.

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