Two weeks ago, the USD was seen to obviously be in a bullish divergence and was squeezing to burst up.
On Friday, it just did that... so to demonstrate the daily chart would be used instead.
The USD (no surprise here) popped up on Thursday and Friday. On Thursday, the USD index bounced off the descending wedge support and Friday's candlestick was a Gap Up, breaking out of a downtrend line.
Technicals support this move as MACD crossed up, while the Price Momentum crossed over into the bullish zone, as marked by the green time line.
Quite clear technical bounce observed here. Now to see if it is sustainable or trend changing.
Btw... I'm a little cautious on seeing this chart. Because, in order for the USD index to rally really hard, and breakout of the descending wedge from this point, some pretty devastating event needs to happen. Nothing in plain sight, except for the US President handover, the alarming COVID-19 spread and massacre. Something major is brewing...
On Friday, it just did that... so to demonstrate the daily chart would be used instead.
The USD (no surprise here) popped up on Thursday and Friday. On Thursday, the USD index bounced off the descending wedge support and Friday's candlestick was a Gap Up, breaking out of a downtrend line.
Technicals support this move as MACD crossed up, while the Price Momentum crossed over into the bullish zone, as marked by the green time line.
Quite clear technical bounce observed here. Now to see if it is sustainable or trend changing.
Btw... I'm a little cautious on seeing this chart. Because, in order for the USD index to rally really hard, and breakout of the descending wedge from this point, some pretty devastating event needs to happen. Nothing in plain sight, except for the US President handover, the alarming COVID-19 spread and massacre. Something major is brewing...
