Money moves the market, not an indicator.
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Dollar Technical Analysis: You Should Watch This DXY Bounce
Given the six straight weeks of lower lows in the DXY that began in late December, a bounce was anticipated as the early movers on the drop in DXY were anticipated to begin taking profits. However, what remains to be seen is the sustainability of the bounce. If you look at the chart above, you’ll notice three key zones of support that roughly held, which prevented the DXY from continuing its downtrend, at least for now. The three keys components that provided support were the Ichimoku Cloud base on the Daily Chart, which is comprised of the 50% retracement over the last 52 data periods. While price did break below ... (full story)