prcruz408

Possible reversal on dollar

FX:USDOLLAR   Dow Jones FXCM Dollar Index
18 0 1
USD has had a bit of an offer coming in over the last two weeks. Looking at both candlestick and line charts, there has been a registering of a lower low and lower high with price momentum favoring the downside. Based on this information - the tide seems to be turning on the USD but we need to account for the trend on both the weekly and monthly which have been up. For longer term investors - this may present a good opportunity to join into the longer term trend.

Price is currently nearing decent demand and near to pivot support so initiating shorts here may not be the best here given these factors. A short thesis will be more warranted if prices sell off strongly into these levels and overcome latent demand.

FYI - FOMC statement this week
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