NFP has failed to trigger a breakout on either FX index and both continue to be range-bound within Flag patterns that have persisted for 6 months now. Both indices also printed indecision-style ‘Spinning Top’ candles and, so, if you’re trying to guess where they’re headed next….so are they! The weaker than expected NFP data saw the US$ dip to 95.50 but that major support has held for now, seemingly on some hope that next week’s scheduled Fed speeches might help to talk up rate hike potential again. An October rate hike seems to be off the table but hope continues with some for a hike later this year. Good luck there guys…on all fronts!
NB: updates this w/e are brief due to the holiday w/e here and the fact I’be been away due to a death in the family.
USDX weekly: note the indecision-style ‘Spinning Top’ candle. As I’ve been saying ……ad nauseam…I want to see a breakout from the 100 – 92.50 range before being confident of the next move here:
USDX 4hr: note the bounce up of 95.50 support.
EURX weekly: still range bound here and another indecision style ‘Spinning Top’:
Both FX indices continue to trade with divergence on their Ichimoku 4hr and daily charts too. Thus, as also mentioned on many occasions, trading may continue to be safer off shorter time frame charts during the US for just a bit longer 🙁