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Nearly Five-Month Uptrend in the Dollar Index Set to be Tested
The US Dollar Index has been trending higher since early May. This Great Graphic, created on Bloomberg shows, that it has been successfully tested several times. It appears set to be re-tested in the coming days. It comes in near 94.80 today and rises a little more than two ticks a day to finish the week near 94.90. Technical indicators, like the RSI MACDs, and Slow Stochastics suggest there is reasonably good chances that the trend is violated. We see two main scenarios. The more benign of the two is that the violation is a function of a broad sideways movement. In this case, the immediate target is 94.45 the low ... (full story)