Thursday, May 1, 2008

Dollar Sets Up for Bullish T1

In these two charts, we see that the Dollar has now moved briskly higher. Note in the 10 minute chart below that the rally has been brisk, beginning in the overnight session.
The daily chart (see below) also shows the emergence of a T1 set-up for a bull trend for the greenback, if today's candle closes outside the Bollinger Bands, as shown below. This candle is not yet complete, since the day session is on-going. It is also noteworthy in this chart that volume has been bullish for more than a month.