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Logic: any use here?

There were large reversal moves on the FX Indices, and, whether this is just a bit of mean reversion or a shift to a new trend is not clear. These are unusual times and trying to apply the logic of technical analysis might prove to be a fools folly, but, I'll give it a go!

 

DXY

DXY weekly: a large bullish weekly candle and above 98 S/R so watch the 100 level for any new make or break. Note the adjusted lower trend line:

 

 

DXY daily: back above the Cloud:

 

DXY 4hr: above the Cloud so watch for any push to the 100 level:

 

EURX

EURX weekly: a large bearish weekly candle BUT is this just a test of the recently broken long-term line?

 

EURX daily: still above the Cloud after a 61.8% test but watch this trend line for any new make or break:

 

EURX 4hr: could this be a Bull Flag? Watch for any new trend line breakout: up or down!

 

FX Index Alignmentthe FX Indices are not aligned for either risk-off or risk-on, ie: both are in same direction, so expect some choppy price action:

  • EURX: is still above the 4hr Cloud and above the daily Cloud so aligned for LONG EUR$ price action.
  • USDX: is back above the 4hr Cloud and above the daily Cloud so aligned for LONG US$ price action.

 

Calendar: Coronavirus remains the main focus but there is FOMC this week as well: