US Dollar Index Rectangle May Hint at Key Reversal, Eyes on NFPs
A majors-based US Dollar index that averages USD against EUR, GBP, JPY and AUD is testing the ceiling of a Rectangle chart pattern.
A breakout to the upside could hint at a reversal of the dominant downtrend.
A Golden Cross emerged as the 20-day Simple Moving Average climbed above the 50-day equivalent.
The 200-day SMA is also looking like it might be taken out.
A better-than-expected US non-farm payrolls report could offer further upside momentum. But, a softer outcome may send prices back lower and extend the Greenback's consolidation.
A breakout to the upside could hint at a reversal of the dominant downtrend.
A Golden Cross emerged as the 20-day Simple Moving Average climbed above the 50-day equivalent.
The 200-day SMA is also looking like it might be taken out.
A better-than-expected US non-farm payrolls report could offer further upside momentum. But, a softer outcome may send prices back lower and extend the Greenback's consolidation.