Dollar strengthens and pushes Dollar index above short-term resistance.

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Red line -resistance (broken)

Blue line- bullish divergence

The Dollar index is trading above the upper wedge boundary. Price is showing signs of strength, signs of a reversal. Bulls need to start a sequence of higher highs and higher lows in order for this to be a confirmed reversal. As we said in previous posts, the combination of the bullish RSI divergence and the exit from the downward sloping wedge pattern is favorable to bulls. A rejection here could lead the index towards 102.70.


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