There has been considerable talk about the US$ and its recent strength. The dollar is within a BAR (Big-Ass-Range that extends from 76 < > 86 ~ what's next? There is also a strong sentiment that the US economy is improving, fundamentals are showing that there is sustainable strength < > Really? My trading style sees price being in the middle of a range and therefore has the potential to go either way, while there is some reasonable and credible evidence for either direction. Below are a Daily and Weekly Chart for the DXY0 ~ Watching and Learning
UPDATED August 3, 2013: the channelized price pattern has continued to play out as might be anticipated. Price remains within the previous range. Of note, price made a higher low and would suggest strength could be next. Watching and learning. Trading On.
UPDATED 16-June-2013: The daily and weekly charts below continue to tell a familiar story. The USD remains channelized, though I adjusted the upper bound to more reflect reality. At its current position, relatively difficult to assign a good probability on a move ~ expressed weakness has been exhibited since late May.
UPDATED: Price has stalled and oscillated here. On the daily chart price has broken up and back down numerous times across this trend line - and even gapped up over it on March 18. Since then price has fallen back to the line and rebounded higher again, only to retreat again. Possibly a precursor to a more powerful move. However, the last price action was decidedly weaker, and while closing above, had penetrated below the last low. Watching and Learning.
UPDATED: Potential new right shoulder?
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