A.) Prices are clearly in a downward sloping channel.
B.) All the EMAs are in a bearish alignment: the shorter EMAs are below the longer EMs, all the EMAs are moving lower and prices are below all the EMAs. Also note the prices have had a difficult time getting above the EMAs -- there is not enough upward momentum to keep prices moving higher through these indicators.
C.) The RSI is medium -- that is, it's neither bullish or bearish.
D.) The MACD is trending lower, but at a very weak angle.
Bottom line: these is little reason to think the dollar will do anything except continue to move lower.
2 comments:
I LOVE your blog...
Mind you, I don't understand even 1/3 of what I read, but I'm trying to learn. Maybe one day you can have a primer for us uninitiated.
Thanks for all you do, bonddad...
I dunno, gold prices dropped a healthy chunk today and the stock market didn't like the news. I think we may get to see the dollar pop up for a little bit. Maybe enough to form a bottom or at least widen that channel.
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