US Dollar at Inflection Point on Daily Timeframe

Russell Shor, CFTe, MFTA FXCM

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

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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