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Technical analysis of currencies



Dollar index is likely to retrace a bit from here on short term but the trend seems to be confirmed to the downside. The positive Stoch seems to be the only support dollar has for now. The numbers coming out today are expected to be bad, so cant say if the retracement will happen or its going to crack the floor right away. Trade remains short.





Yen, Cad and GBP are pretty similar in patterns. They are just consolidating after their rises. I am not sure, if they are ready to let go of their confines just yet. The volumes and momentum still don't favor a new charge. It may take some more time and more sideways actions (akin to 4th wave moves) before it takes off. The idea is Dollar is likely to strengthen for some time (I don't have a reason for that now. Crude is a big against for this to happen) mainly on the back of Dollar index holdings its ground (may be with help on some intervention, possibly EU)

Nevertheless, we just can't get out of the feeling that we are at defining moment of currency history.
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