FX TECHNICAL ANALYSIS
suppor t ing the bearish trend, however on the Weekly char t the Kijun-Sen turned flat for a while
so a sma l ler bul lish
correction might happen in the near future.
USDX Retrospect
On the Weekly USDX char t the price was moving below the Kumo cloud and the Kijun-Sen t ill the end of August. At the beg inning of September the price crossed up the Kijun- Sen with a spectacular bul lish
Figure 12: USDJPY Daily
candle, but st ill stayed below the Kumo and bounced back a bit from the Senkou Span A level. On the Daily chart the
price was in a bearish rang e in July and Augus t and fina l ly found its di rection at the beg inning of September with a
confi rmed bul lish Kumo
breakout, then moved up more than 250 pips till the middle of September.
USDX Prospect Figure 13: USDX Weekly
As the Kumo is very thick on the Weekly USDX chart and the price was bounced back by the Senkou Span A level , while the Daily char ts are clearly bul lish, the overa l l picture seems to be neutral or undecided at the moment. If the price could break out from the Kumo on the Weekly char t it would indicate a bul lish change in the trend di rection. But
if the price closes below
the Daily Kumo, it would mean that the previous bearish trend cont inues.
Figure 14: USDX Daily 68 FX TRADER MAGAZINE October - December 2011 Gabor Kovacs
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