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Technicals Warn of Coming Dollar Bounce
The US dollar has been sold hard in the second half of December through last week. Regardless of one's medium or longer-term views, the technical indicators warn that the sell-off is stretched and in need of consolidation, if not a correction. The Dollar Index has formed a shelf near 91.75. Recall that the 91.55 area, which was briefly violated last September, marks the 50% retracement of the 2014-2016 rally. The 61.8% retracement is near 88.40. A move above 92.30 may be needed to lift the tone. We see the 92.60-92.85 area as an important area. The RSI has already begun moving higher and the Slow Stochastics are set ... (full story)
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