Watching divergence on USD index
USD index has formed divergence.
Looking at the daily chart, we can see a familiar pattern forming between price and the 10 CCI. This pattern is called regular divergence, which can tell us that a possible reversal could develop.
In today’s analysis, we have run over the divergence pattern we are watching and Friday’s price action, which might give it more substance. From here, we would like to see a new move by sellers that breaks last Friday’s low, and this could confirm that sellers are in control and could look to take price back down to the moving averages.
103 could offer some resistance if reached by sellers, as it was a previous level of consolidation before the last breakout. Focus now will be on sellers and if they can back up Friday’s move with a new push lower.
The US has a bank holiday today, which could also be another factor for short-term volatility.
Good trading
Looking at the daily chart, we can see a familiar pattern forming between price and the 10 CCI. This pattern is called regular divergence, which can tell us that a possible reversal could develop.
In today’s analysis, we have run over the divergence pattern we are watching and Friday’s price action, which might give it more substance. From here, we would like to see a new move by sellers that breaks last Friday’s low, and this could confirm that sellers are in control and could look to take price back down to the moving averages.
103 could offer some resistance if reached by sellers, as it was a previous level of consolidation before the last breakout. Focus now will be on sellers and if they can back up Friday’s move with a new push lower.
The US has a bank holiday today, which could also be another factor for short-term volatility.
Good trading
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