GoNoGo Charts recognizes an important moment for the dollar index. The Dollar has tried to rally off the recent lows but not yet has the GoNoGo Trend been able to flag a “Go”. The daily trend is still “NoGo” although we can see that the light pink bars indicate that the rally has caused the down trend to weaken. In the second panel, the GoNoGo Oscillator has risen from oversold levels to hit up against the zero line from below. If the “NoGo” trend is to remain in place, the oscillator should get turned away from zero here. If the GoNoGo Oscillator can break clearly into positive territory that would suggest enough bullish buying to possibly change the trend in price above. If that happens, we are likely to see a “Go” flagged. Until then, we’ll watch carefully.
What are the GoNoGo Indicators? The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from bright blue (strongly bullish) to dark purple (strongly bearish) The GoNoGo Oscillator blends traditional momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely oversold) to +6 (extremely overbought)