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Underlying:DXY Time frame:1D
This is an interesting one.. with the FED being less talked about in the last month or so we have seen the US Dollar start to rally slightly. I had noticed that the US Dollar had decreased by about 10% since just before 2017 started. In the last week we have just started to trade above the 50MA and testing the upper bollinger band.
As you all know one of the main indicators I use is the MACD. Looking at it, it is crossing over the centre line but is still not quite there yet. I feel this is going to lead to a grind higher in the next week or so. My target for this is in the pink zone which coincides with previous support and resistance way back since 2015. I do not normally get long the USD so this is a big move for me ;)
couple of things of interest on the macd ..the Head and Shoulders pattern back in Nov to Jan period that started the down trend...and now the diverging momentum
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@RalphStPierre, nice spot!! I had not seen that H&S back then! :) I like the fact that when the dollar started to decline, big banks were saying buy it... now it starts to decline and they are changing their tone again...