The US30 chart is on the cusp of moving back into its bullish channel between the upper blue and red bands. A cross into this region is positive.
The hourly chart is insightful. The trend-following EMAs and the momentum-based stochastic need to cross up (black ellipses). After, the EMAs need to develop angle and separation to the upside and the stochastic needs to move to the 80+ levels (blue arrow). This will suggest an underlying momentum is present.
Yields have softened following the Fed chair's interview yesterday. This supports the US30.
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.