Most US Dollar technical analyst would view the markets ability and strength to be wavering between how the USD Index have performed its price movements in recent days until Friday's NFP and the upcoming ECB rate decision.
The relative correction phase for stocks after coming from its highs have clearly showed how bullish sentiments have already simmered down investors sentiment index to negative territory, while the S&P again have become the benchmark for market sentiment trends. Therefore, technical indicators may well lag behind when market prices move before and after such event. The level of trading based simply on technical chart parameters may well be insufficient for the past fundamentally motivated markets. As prices have been well within its daily corrective price range after the recent decline on the Euro and Pound. While the Canadian Dollar has stayed well within its higher band while waiting for some fresh incentives from the market.
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