Both FX Indices closed with Inside weekly candles suggesting a bit of shared confusion. At least there are trend line to monitor on the lower time frame charts to help traders gauge the next move on each. However, be prepared for the potential of some slower price action this week as the Easter break approaches.
DXY monthly: the new monthly candle is bullish. Note the revised monthly trend lines:
DXY weekly: a bullish weekly candle but note it was an indecision-style Inside candle. Price action remains pegged by the recent High, circa 103.80:
DXY daily: watch trend lines for any new momentum-based breakout:
DXY 4hr: the last few 4hr candle were small Indecision-style candles as price flirts near the top of the 4hr Cloud:
EURX monthly: bearish monthly candles in play:
EURX weekly: a bearish weekly candle but note it was an indecision-style Inside candle:
EURX daily: not a lot of 'touches' on these trend lines but worth monitoring:
EURX 4hr: watch for any momentum-based breakout:
FX Index Alignment:
- EURX: is below the 4hr Cloud and below the daily Cloud so aligned for SHORT EUR$ price action.
- USDX: is in the 4hr Cloud but above the daily Cloud so not aligned and prone for potential choppy USD$ price action.
Calendar: Coronavirus remains the dominant theme but note, also, the start of the Easter week with this Friday being Good Friday: