USD technicals damaged
Looking at the USD futures, and interesting picture is starting to prevail...
The weekly chart is heading to a lower USD in the next couple of weeks. and to resume uptrend, it needs to reclaim above the green resistance line, which is unlikely at current status. RPM and MACD are burnt out and crossed down to a moderation in the coming weeks.
The daily chart accentuate that view as the FOMC rate raise of 75bp yesterday closed the day with a bearish daily candle and a lower low clocked today... so downside to the support over the next couple of weeks is likely. Technical indicators are all bearish crossed down too.
This has big picture effects... on equities, and commodities, which will be pushing up again, stoking more inflation. This is a major consideration in all my analyses going forward.
Much discussions going on everywhere about the economics of it, but the charts seems to reflect that the expectation is where the FOMC is done with raising rates for now... at least.
Watch what happens when the support level is met...
The weekly chart is heading to a lower USD in the next couple of weeks. and to resume uptrend, it needs to reclaim above the green resistance line, which is unlikely at current status. RPM and MACD are burnt out and crossed down to a moderation in the coming weeks.
The daily chart accentuate that view as the FOMC rate raise of 75bp yesterday closed the day with a bearish daily candle and a lower low clocked today... so downside to the support over the next couple of weeks is likely. Technical indicators are all bearish crossed down too.
This has big picture effects... on equities, and commodities, which will be pushing up again, stoking more inflation. This is a major consideration in all my analyses going forward.
Much discussions going on everywhere about the economics of it, but the charts seems to reflect that the expectation is where the FOMC is done with raising rates for now... at least.
Watch what happens when the support level is met...
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