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US Dollar Index

Dollar Index Chart

Following the breakout of Wednesday last week the dollar index now looks poised for a sustained rally higher, and despite Friday’s minor pullback and a modicum of weakness this morning, the stage still looks set for dollar strength in the medium term.  From a technical perspective the deep and broad price congestion of February and March is likely to provide an excellent platform for the dollar’s move higher and with all three short term moving averages now beginning to point higher these should add further weight to the move.  The 9 day moving average in particular is likely to provide a good indicator of short term momentum and provided we see daily lows bouncing off this key level then this momentum should be maintained.  The short term target to the upside is 83.50 and then on to 84 and above where we will begin to run into substantial resistance which could prove a barrier to any further move higher.

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