Daily Chart
There are some interesting things happening in the chart for the US Dollar Index right now. The first thing that catches my eye is it is currently in what appears to be a clear state of accumulation (sideways trend). The trend even has a bit of an upward bias in the trend channel, and shows a bullsih 15ema / 50ema cross over happening today. The Aroon indicator is flipping back and forth which also indicates a period of accumulation has started. All of this could indicate a change in the trend. If you’re a forex trader and wnat to trade the US dollar, now would appear to be a good time to start using your osciallators and swing trading the dollar.
Weekly Chart
The weekly chart shows even more promise for a bullsih trend. First, the Aroon is the closest to signaling a bullish trend reversal that it has been since the end of 2006. If the index can have a few up days over hte next week or two, we might see a 1-2-3 bullish trend reversal in this chart. The final thing I noticed is confirmation of an accumulation period.
Your Thoughts?
Popularity: 1% [?]
If You Like Our site: Automatically Receive Updates To RecordPriceBreakout.com Via Email. Thanks for visiting!
Tags: dollar, u.s., u.s. dollar
[...] week saw exactly what those catalysts can do for the market. Last week the chart for the US dollar hinted a rally, and that’s exactly waht it did this week. Subsequently, crude continued its 4 week decline [...]
[...] were leaning towards a much over-due (over 2 years) rally. If you didn’t read my article, Has The Dollar Hit Bottom? Possible Rally In The US Dollar, this is a great before and after shot of using technical indicators to predict the direction of a [...]
I came across your site while searching on MSN and have now added you to my rss reader. I Just though i should say ??keep up the good work?? and pass on congratulations on a job well done and great advice too!
Hey Bill,
Thanks for the compliment. I primise to keep on delivering practical advice as long as readers such as yourself contiue to read it. I have been busy the last couple of months spinning up another blog and a book focusing specifically on stock screening technologies. http://www.thetradedetective.com/blog
thanks for stopping by and I look forward to hearing from you agin.