USDOLLAR Challenges Moving Average Resistance On Daily
The charts show FXCM's USD index: USDOLLAR. The left has the index challenging the black 20-day SMA. A cross above will be bullish and we will look to the RSI to confirm this by moving above 50. The right chart shows the hourly time frame. Here, the EMAs are in bullish mode (green ellipse) and the RSI is above 50, indicating strong positive momentum (green rectangle). If the hourly chart holds these dynamics, the daily will move above the SMA and if the SMA follows the index up, the broader market will be moving into a risk-off sentiment.
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