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Dollar Index (USDX) Analysis – Bearish Engulfing Seen On Weekly Chart
The dollar index chart shown below has printed a bearish engulfing candle for this past trading week. This comes after the near doji candle last week hinted towards trend exhaustion for this current wave higher. This is the first significant bearish candle seen in nearly 3-months and represents a drop of 1.89% for the USDX; this could possibly be a hint that more downside is to follow. A close below 80.00 would have added additional weight to any negative dollar sentiment as this area has acted as a price pivot recently and could once again halt any decline on a failure to sustain price below the level.
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