As I mentioned here
, the USD is looking to rally after a long downtrend. Currently she is sitting in a range, but has put in a few signs of possible upcoming strength. MACD
recently printed divergence and the RSI
is sitting right above 50 as of this post. Last three days have culminated in a Bullish Morning Star
pattern and price has bounced off of area of demand support and is currently nibbling at recent supply resistance. On the technical side, analytics showing a strong trend weakening and though today's NFP wasn't convincingly strong, but it wasn't negative. This could provide even more impetus for a strong dollar in the weeks to come.
Outlook: Trend is still down though strength of trend is weakening. Price must push up through and close above recent supply resistance zone
, my preference is above 91.00. Expect the range to continue indefinitely.