The US$ continues to struggle at resistance and this has been problematic for my particular trading system on many of the currency pairs that I watch. This limbo-like state for the US$ may continue until after today’s ECB & OPEC or perhaps Friday’s NFP.
Don’t get me wrong, there have been moves, and trade-able moves at that, but the moves have been a bit choppy and my system is a momentum based system and, as such, there have not been any decent, momentum-based TC signals on the 4hr charts of pairs that I watch. I suspect I will have to wait until the US$ either breaks or respects this current resistance zone and maybe also until the S&P500 either breaks or respect the 2,100 level (it closed at 2,099.33). I do note though that there has been a new bullish Tenkan/Kijun cross on the S&P500 although this cross evolved within the Cloud and so is deemed a NEUTRAL signal.
USDX daily: the 95.50 has been cleared but not the trend line or daily 200 EMA:
USDX daily Cloud: the top of the Cloud has yet to be convincingly cleared too:
S&P500 daily Cloud: note the new bullish Tenkan/Kijun cross, although a NEUTRAL signal as it evolved within the Cloud. Caution with any SHORTs here though!
The post Short but not so sweet. appeared first on www.forextell.com.