USD Setting Itself Up For Next Upleg
Daily
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The US Dollar Index (USD) has charted a bullish 1-2-3 pattern.
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It looks as if the 2-3 correction has completed.
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The green 3-day EMA has crossed above the black 5-day EMA (golden cross)
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The RSI(9) is above 50 and is supportive of upside momentum.
Hourly
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The left pane shows the USD from 6 Nov.
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Price gapped up on the open for the week (green circle).
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The index has broken out of a bullish wedge and is holding above the pattern.
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The right pane shows the USD from 8 Nov.
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The green 3-hour EMA has crossed above the black 5-hour EMA (golden cross).
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The RSI(9) is above 50 and broken above the green down sloping trendline.
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The MACD histogram is ticking up (red trendline).
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Conclusion
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A bullish 1-2-3 pattern has charted on the daily and there has also been a golden cross.
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The RSI(9) is positioned to support further upside.
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The hourly chart has price above a bullish wedge.
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This has support from the hourly trend following indicators and the RSI(9) and MACD histogram oscillators.
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We expect price appreciation ahead.
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