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.
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.
