USDOLLAR Correction Continues Within Broader Uptrend

  • USDOLLAR
    (${instrument.percentChange}%)

Yesterday's USDOLLAR article indicated that the primary trend of the greenback is up. Today we zoom in on the price action.


Past performance is not an indicator of future results.

The left chart shows the USDOLLAR daily time frame. Price remains in the strong area between the upper blue and upper red bands. Moreover, the daily RSI is on the bullish side of 50. The right chart shows the hourly time frame. This scale shows that the hourly stochastic has turned bullish (aqua ellipse). However, the trend-following indicators have yet to golden-cross (green ellipse). Without this signal, the greenback is still considered in correction mode. The PPI is due out later in the day and the CPI tomorrow, both at 1:30 pm GMT. The consensus is for both numbers to be higher than last month's actuals. Please note that these are likely to affect USDOLLAR direction. Given that dips in uptrends may give good risk-adjusted entries we are looking at the triggers and the potential support at the S1 pivot.

Russell Shor

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.

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