The dollar is in interesting technical shape. Prices have moved higher -- above he 200 day EMA and through important technical price levels -- but we haven't see a big move up in the A/D and/or CMF. However, the MACD is very bullish, but perhaps over extended. In other words, the underlying technicals are weak. This is somewhat backed-up by the fundamentals, as EU officials have done a pretty good job of battling back against negative publicity.
The five minute chart shows prices consolidated for a 5-day period, and have now moved lower. But prices have settled around a price level established before the gap higher. On the daily chart, we're right at the 10 day EMA.
The 5-minute chart shows that prices have broken through key resistance and are now in a three day uptrend. However,
Prices are still contained in an upward sloping trend line and, currently, by the 50 day EMA. The A/D and CMF show a slight move into the market. Additionally, the MACD is also positive (but still in negative territory). Overall, my guess is that the market is currently waiting to see how the jobs bill pans out to see if the economy is going to get a meaningful nudge. If not, I would expect a sell-off as that is the only possible good news on the economic horizon.
