U.S. dollar subject of another Fed dilemma?

Market Pulse for June 6

Technicals

On the daily chart below you can see even with the price action over the last few days, ADX is at 21.9 and while this number is rising it is still a weak trending market. With the weak trend, watch for a range to develop. MACD is bearish and Stochastics are in oversold territory. With the oversold territory and weak trend, watch for a correction up. Could it be that 82.500 is once again a range bottom?

Click to enlarge.

On the weekly chart below you can see weekly ADX at 22.3, also a weak trending market. Weekly Stochastics are correcting from overbought territory.

Have a prosperous trading week.

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