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FX Indecision ahead of end of month

Both FX candles are setting up with indecision style weekly candles before the markets close for the week. Keep in mind that next Tuesday marks the end of month, quarter and half year. The safe-haven flows due to increased Covid-19 concern have not been enough to help the DXY close with a bullish coloured candle.

 

DXY

DXY weekly: the index looks likely to close with a small bearish-coloured Spinning Top style candle having a long lower shadow:

 

DXY daily: consolidating in a triangle as +DMI momentum remains below 20:

 

DXY 4hr: watch for any new trend line breakout:

 

EURX

EURX weekly: the index looks likely to close with a small bullish-coloured Spinning Top style candle having a long upper shadow:

 

EURX daily: this still has the Cup'n'Handle potential that was on display last week!

 

 

 

EURX 4hr: watch for any momentum-based trend line breakout:

 

 

FX Index Alignment:

  • EURX: is still in the 4hr Cloud but above the daily Cloud so not aligned and prone for potential choppy EUR$ price action.
  • USDX: is still above the 4hr Cloud but below the daily Cloud so currently not aligned and prone for potential choppy USD$ price action.

 

 

Calendar: Next week brings NFP but note this on Thursday due to the holiday Friday.