Saturday, July 13, 2013

FX Indices Review for 15/07/13

NB: This is only a brief update again as I am still away

USDX: price is still below the key 84 level but holding up above the weekly support trend line, monthly pivot and the 61.8% fib retrace level from the last major swing high back in mid 2010. I think we need either a clear break of one of these two levels before we will see any clear new trend.

USDX monthly:

USDX weekly : note the double top evolved:

USDX daily
USDX 4 hr

USDX Ichimoku Charts: Price is below the Cloud on the 4hr but just above on the daily. These are divergent from each other so price action is likely to continue to be choppy:

USDX daily
USDX 4 hr

EURX: The weekly support trend line has managed to hold up price thus far. Price has channeled within a bullish 'ascending triangle' though and has failed, as yet, to break out either up or down! I believe that price needs to clear this range bound area before any new and clear cut trend can emerge:

EURX monthly

EURX weekly

EURX daily : this chart reveals just how choppy price action has been over recent weeks essentially, since mid April!:
EURX 4hr

EURX Ichimoku Charts: Price is above the Cloud on the daily and 4hr which supports risk:
EURX daily
EURX 4hr

Summary: I'm watching for any clear break and hold out from the:

  • USDX: The 84 vs the weekly support trend line.
  • EURX: From the ascending triangle.

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