DXY trip top on the weekly is a strong signal for USD reversal. In my opinion USD was already devaluing for some time but large group of speculators have kept it high longer than ever expected.
On this chart also my preferred equally weighted index (EWI) of USD, which simply measures USD strength against the basket of major currencies, each equally weighted. This is different from DXY which weighs more towards EUR and includes Swedish Krona and not all majors..
The EWI is making an interesting curve, different from DXY since mid June last year. It was likely the FED interest announcement speech at that time which caused speculators to keep buying the USD for a long time after that.
On this chart also my preferred equally weighted index (EWI) of USD, which simply measures USD strength against the basket of major currencies, each equally weighted. This is different from DXY which weighs more towards EUR and includes Swedish Krona and not all majors..
The EWI is making an interesting curve, different from DXY since mid June last year. It was likely the FED interest announcement speech at that time which caused speculators to keep buying the USD for a long time after that.
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NFP fuels the market, let's see if USD drops from here. UJ Seasonality signals are stronger than ever. If it goes it would be exactly one year ago I noticed the first signals and because the opening bell has taken one year to complete I would be tempted to say that the USD devaluation will take about twice as long as well. 12 - 20 weeks?
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Drawing a second bearish candle like it did mid December
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Honestly wasn't expecting it to hold through the day and it seems it still may be as we are getting near session end.
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Trade invalidated by break out beyond 97.7. Looking at all other charts this bullish bar could still turn into a wick and rejection. Then EWI will bounce off 101.07, so a potential very interesting day and week close. Looking forward!
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It has been a year now that it broke out to the upside. Two large players going against each other for all that time and building up buying and selling pressure. Which side it will choose I expect strong momentum. My guess is south..
