This is chart of US Dollar Index (daily). As you can see, it has broken short term channel, but immediately after that there are two important trend line levels. You might hear & read in main stream media that there is a shift in Greenback sentiment, but to me there cannot be US Dollar bull until it breaks these two shown barriers. This is just a short term bull for US dollar by looking @ this chart.
This second chart (daily) is about currency futures comparison. So far, we have seen lower highs in JPY & CHF futures, but not in AUD & EUR futures. And on US Dollar, there isn't higher high yet, therefore it is hard to tell that medium-longer term bearish US Dollar sentiment has shifted to bull.This 3rd chart is GOLD/USD daily chart. It has made lower high, but it's still holding thick brown trend line. I am not expecting US Dollar bull, if GOLD reverses from here.
Conclusion: US Dollar is right now at very important level of make or break, but no clear
signals yet. Fundamentals for US economy are still very weak. Europeans are
slowing down (German Factories), but AUD is still solid. However EUR & NZD are
dragging AUD down. Friday's COT report might show some interesting sentiment
for next week. Stay Tuned...
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