On the weekly chart, notice the following:
-- The dollar has broken out of a multi-year downtrend.
-- The 10 and 20 week SMA are both moving higher
-- Prices have technical support at the 10 and 20 week SMA
-- Prices also have technical support at the long-term downward sloping trend line that prices broke through a few weeks ago.
On the daily chart notice the following:
-- Prices have fallen through the two month rally that started in mid-July
-- Prices are using the 50 day SMA as technical support
-- The 10 day SMA has moved through the 20 day SMA
-- The 20 day SMA is turning lower
This is a borderline chart. While the shorter SMAs are indicating a downward trend, the 50 day SMA is moving higher. This means the long term trend (which is higher) is intact.
