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USD Bullish Formation Takes Shape, AUD Weighed By Rate Outlook
The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is 0.26 percent higher from the open after moving 56 percent of its average true range, and the short-term outlook certainly casts a bullish outlook for the greenback as the inverse head-and-shoulders formation continues to take shape. As the USDOLLAR holds above the October high (10,134), we should see the index carve out the right shoulder in the coming days, but we will wait for a move above the 10,200 figure to see the reversal pattern pan out as the 30-minute relative strength index approaches overbought territory. However, as the EU Summit takes center ... (full story)
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