FXCM's USDOLLAR basket remains subdued in its daily bear channel between the lower blue and red bands (green rectangle). However, this position will apply more downward pressure to the greenback if it maintains.
The hourly chart is turning bearish as the morning session gets underway. The EMAs and the stochastic have turned down (black ellipses). If the EMAs develop an angle and separation to the downside, and the stochastic makes its way to the 20- region (blue arrow), the short-term momentum will align with the weak daily chart.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.