USD Indx - Update: Still sideaway, with some bullish tone
I see most of the indicators are still telling us there is undecision on USD mkt, and Price is just consolidating. Let's have a quick checklist:
Daily: DMI zig-zag and ADX is below 20 now, this clearly tells mkt is not trending. Price is in the Kumo - means neutral consolidation. Chikou Span is below Price candles, but above the Kumo - this is neutral now as well. Both Kijun Sen and Senkou B are flat, not pointing anywhere - means price is moving sideaway, price averages back to 26 days and 52 days are not really changing, Senkou B is also flat looking 26 days ahead.
The slightly bullish biased indicators: MACD bullish (but histogram is low, not yet accelerating), Slow Stoch is zig-zag, but with actually a bullish tone. Tenkan Sen started to point up, very slowly getting closer to Kijun Sen within the Kumo. It is still too early to tell if we can see a medium bullish T/K cross. Senkou A is also started to point a bit up.
4 Hrs: As I mentionned in my previous post, the first Kumo break that happened on 6/July did not bring any follow through, Key resistance ard 80,35 blocked the bullish move. Price retested the Kumo, traded around the Kumo a bit then moved higher. While some indicators now show some kind of rather bullish tone on this lower time frame too, all in all Price action is not strong in any directions, and the whole picture is rather neutral. DMI zig-zag, ADX is very low, Slow Stoch is useless now.
Summary: USD bulls need a stronger price action for the trend to reveal and accelerate. 80,35 and 80,50 key levels should be crossed. If anything, I would be still buyer on dips, with stop below the daily trendline and Kumo, sub 79,90. Who knows, maybe Yellen's testimony today will give it a push, and USD will finally decide its next direction.
Daily: DMI zig-zag and ADX is below 20 now, this clearly tells mkt is not trending. Price is in the Kumo - means neutral consolidation. Chikou Span is below Price candles, but above the Kumo - this is neutral now as well. Both Kijun Sen and Senkou B are flat, not pointing anywhere - means price is moving sideaway, price averages back to 26 days and 52 days are not really changing, Senkou B is also flat looking 26 days ahead.
The slightly bullish biased indicators: MACD bullish (but histogram is low, not yet accelerating), Slow Stoch is zig-zag, but with actually a bullish tone. Tenkan Sen started to point up, very slowly getting closer to Kijun Sen within the Kumo. It is still too early to tell if we can see a medium bullish T/K cross. Senkou A is also started to point a bit up.
4 Hrs: As I mentionned in my previous post, the first Kumo break that happened on 6/July did not bring any follow through, Key resistance ard 80,35 blocked the bullish move. Price retested the Kumo, traded around the Kumo a bit then moved higher. While some indicators now show some kind of rather bullish tone on this lower time frame too, all in all Price action is not strong in any directions, and the whole picture is rather neutral. DMI zig-zag, ADX is very low, Slow Stoch is useless now.
Summary: USD bulls need a stronger price action for the trend to reveal and accelerate. 80,35 and 80,50 key levels should be crossed. If anything, I would be still buyer on dips, with stop below the daily trendline and Kumo, sub 79,90. Who knows, maybe Yellen's testimony today will give it a push, and USD will finally decide its next direction.
