A longer-term view of the USD

Russell Shor, CFTe, MFTA FXCM

The weekly chart of the USD is enlightening. The USD has broken through the down sloping green trendline. This signals a decline in downwards momentum on a longer-term chart. We also note that the USD is above its black 30-week EMA and that the EMA has turned up. Moreover, its MACD is above its signals line (and above 0), and the RSI(9) is above50. These point to a longer-term underlying bullish momentum. However, prices do not move in a straight line but rather tend to zig and zag as a trend progresses. Therefore, we may certainly see weaker USD prices ahead but that may, in fact, be the correction before the next impulse move higher begins.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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