It pays to watch Currency market movements as it drives the direction of the equities.
Attached is a USD index weekly chart. The momentum indicator is ROC(13). You can see that USD index wants to breakout the long term downtrend with the Bullish divergence happening with ROC. ROC turned positive this week as well. USD index has to close above 75.5 for a few consecutive days to confirm the breakout.
It could be false breakout but if it was real, everyone knows how Strong USD can knock the Equities down. Currently, imminent debt ceiling deal and not-so-soon-QE3 will help USD.
It pays to watch Currency market movements as it drives the...
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Last
7,699.8 |
Change
19.200(0.25%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,680.6 | 7,738.2 | 7,643.3 |
| XJO (ASX) Chart |