The US$ remains under pressure and below 92.50 resistance despite a hawkish Fed and up-beat US data which begs the question ‘What is it going to take to push the US$ higher?’. There is a bit of high impact data next week, starting on Sunday, so watch to see if any of these items get the index moving. There is also the ongoing North Korea tension to navigate as well.
The US$ remains pegged by 92.50 resistance but printed a bullish-reversal ‘Inverted Hammer’ candle for the week. There is FOMC this week and so this might help to decide the fate of the next move for the index.
The US$ has closed lower for the week and I am still watching for any test of key fib levels: the 50% near 88 and then the 61.8% near 84.5.
The US$ has closed higher for the week and back above the 92.50 support level. The weekly candle, whilst green, isn’t too inspiring though with its indecision-style ‘Spinning Top’ appearance and almost ‘Inside’ candle formation. We really need to see the colour and shape of the next weekly candle to be able to form any real opinion about the next directional move for the index.
Day 1 of the Jackson Hole Symposium finished with gains for the Euro index and a dip for the US$ index. Some key support levels need to be cleared on the US$ index but, despite this, the charts are looking rather bearish. There are two more days of Jackson Hole meetings to come though so this needs to be taken into consideration here as this current balance could well change at market open.