FX Indices Review for 08/07/13

NB: I’m away for another week so this is just a brief update:

USDX: Weekly candle closed as bullish but there is the look of a possible ‘double top’ to this current chart. A close and hold above the 75% fib level (@ 84.71) would void this though. There was a similar ‘double top’ on this chart just recently….something to note here:

Monthly

Weekly

Daily

4hr

USDX Ichimoku Charts: Price is above the Cloud on both the daily and 4hr chart which is bullish for the USD:

Daily

4Hr

EURX : The weekly candle closed as an indecision style ‘spinning top’. I’m surprised that it wasn’t more bearish given the moves seen on the USD! Price action is still trading in, what looks to me like, a ‘bullish ascending triangle’ on the daily chart. The major weekly bull trend line is just below current price action though and needs close watching.


Monthly

Weekly

Daily

4 Hr

EURX Ichimoku charts: price is below the Cloud on the 4hr chart and in the Cloud on the daily chart suggesting choppiness.
Daily

4 Hr


Overall: The positive US data is boosting the USD but, as a consequence, pushing other currencies down. The S&P500 ended up pushing higher and closed above the key 1,600 level which suggests an appetite for ‘risk on’. It remains to be seen, though, whether this will same ‘risk on’ appetite will flow back into currencies. This has been the conundrum of late.
S&P500 Stocks: closed higher and above the key 1,600 level for the week:

  • USDX: I’m watching to see if this keeps rallying as, if so, this will most likely keep pushing the EUR and AUD etc down.
  • EURX: I’m watching for any bounce or break of the major weekly support trend line.