Past performance is not an indicator of future results
The left chart shows the USDOLLAR daily time frame. It is in an area of strength - between the upper blue and upper red bands. We note that the daily RSI is trending toward overbought but is not there yet (green rectangle). The right chart shows the USDOLLAR hourly time frame. The buck reacted off of resistance at the R1 pivot. This coincided with an overbought reading on the hourly RSI (blue rectangle). The reaction pullback off R1 has normalised this froth. The EMAs and stochastic have not triggered bullish yet, but the central pivot (P) is a compelling level as potential support.
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.