NB: This is only a brief update again as I am still away
USDX: price is still below the key 84 level but holding up above the weekly support trend line, monthly pivot and the 61.8% fib retrace level from the last major swing high back in mid 2010. I think we need either a clear break of one of these two levels before we will see any clear new trend.
USDX weekly : note the double top evolved:
USDX 4 hr
USDX Ichimoku Charts: Price is below the Cloud on the 4hr but just above on the daily. These are divergent from each other so price action is likely to continue to be choppy:
USDX 4 hr
EURX: The weekly support trend line has managed to hold up price thus far. Price has channeled within a bullish ‘ascending triangle’ though and has failed, as yet, to break out either up or down! I believe that price needs to clear this range bound area before any new and clear cut trend can emerge:
EURX daily : this chart reveals just how choppy price action has been over recent weeks essentially, since mid April!:
EURX Ichimoku Charts: Price is above the Cloud on the daily and 4hr which supports risk:
Summary: I’m watching for any clear break and hold out from the:
- USDX: The 84 vs the weekly support trend line.
- EURX: From the ascending triangle.