The below is the daily chart of the USDOLLAR. The 3 EMA system is at an important inflection point (aqua ellipse). All three EMAs have converged – it will be interesting to see if they form up into a bullish stack. I.e. the green 5-day EMA being above the orange 13-day EMA, and the orange 13-day EMA being above the black 34-day EMA. The RSI is looking to cross the 50 level (blue rectangle). If it does and holds than a positive outcome is likely. The FOMC release tomorrow will be pivotal in this regard. We continue to monitor.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
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