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TFC Commodity Trading Forum

U.S.$ Index/Losing Steam short term. *PIC*

DX has had a nice run up since late August but looks like it's about to pullback again. Price is starting to breakdown below its recent uptrendline and is barely clinging to it and 79 support with Friday's price action. The last 6 days price has gone nowhere and has just been spinning its wheels in here. A pullback would see inverse markets rally the next week or so. The RSI 21 has bumped up against the very overbought zone of 70 once again as well. The 10% rally from the end of August has been fast and impressive but isn't likely to continue straight up either. Technically the rising 20ema has crossed above the rising 50ema which is presently crossing the rising 200ema. That hasn't occurred since Feb 2010 and DX rallied from 80 to 89 by June of that year. So far looking good for DX overall. But short term a pullback from here is likely. This uptrendline is way too steep to hold any longer. Expect some b.s. good news story out of Europe to "explain it all away" as usual. The chart has already given the news.