Nothing doing yet for the HUI which remains sandwiched between its 200-day moving average on the top side and its 10-day on the downside.
It has currently pushed down through the 10-day with the short term bias slightly negative with that 200-day acting as a POTENTIAL double top.
Upside momentum is stalling out so bulls will next to flex their muscles sooner rather than later to avoid a deeper retrenchment in price.
The US Dollar is similar in the sense that it too is inconclusive at this time although its short term bias remains bullish.
It is holding its 10-day on the bottom but running into selling at the 40-day.
The 200-day continues to rise indicating the long term trend in the greenback is higher with that particular moving average substantially lower than the current price level.
While I can understand shorter-term traders’ lack of conviction over the Dollar due to the Trump Administration’s yet to be determined stance on trade issues as far as the actual realizing of their policy in more concrete terms, I remain of the firm view that the Dollar is going to be the best among the majors due to both the interest rate differential as well as the growth potential of the US economy by comparison with those economies of the other majors.