The daily USD Index chart shows a market that has been flattened after a rally from Aug. 2011 to Jan. 2012. In April, the market fell from about 80.40 down to a previous support pivot near 78.80. As it tested this support, it also tested a rising trendline that went back to the August 2011 lows. Failure to clear these support factors keeps the USD Index directionless as it consolidates ahead of two key events – Thursday’s ECB interest rate meeting and Friday’s US Non-Farm Payroll data. Note that direction beyond the short-term is not clear until either a break above 80.75 or below 78.10. The 4H chart shows a market ... (full story)