Both FX indices printed bearish-coloured Spinning Top weekly candles reflecting the indecision that continues to plague broader markets. The indices also remain divergent so keep this in mind if trading Forex in the coming sessions.
DXY weekly: the index closed with a bearish-coloured Spinning Top weekly candle and remains pegged by the long-term trend line:
DXY daily: note the declining momentum so watch for any new momentum-based trend line breakout:
DXY 4hr: watch for any new momentum trend line breakout:
EURX weekly: the rally for the index has paused as it closed with a bearish-coloured Spinning Top weekly candle:
EURX daily: this still has a Bull Flag look to it so keep an open mind:
EURX 4hr: watch for any momentum-based trend line breakout:
FX Index Alignment: the FX Indices are not aligned at the moment.
- EURX: is below the 4hr Cloud but above the daily Cloud so currently not aligned and prone for potential choppy EUR$ price action.
- USDX: is in the 4hr Cloud but below the daily Cloud so currently not aligned and prone for potential choppy USD$ price action.
Calendar: there are quite a few Fed Chair Powell speeches to monitor next week: