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The Dollar index made a new low as expected by our analysis, but prices managed to come back inside the sideways triangle that has been formed for some time now. The trend is mostly neutral with a small incliantion to favor bears. The Dollar index has continuously shown weak signs of buying strength, only to be followed by strong selling pressures.
Despite having the ability to bounce back from 79.70 to 80.40, the Dollar index continues to be in a downward trend as prices continue to make lower highs and lower lows. It is important however to note that the decline is far from impulsive. The overlapping structure of price movement and the absence of a clear directional channel, means that prices are in a corrective phase.
Prices in the daily chart continue to confirm that trend is downward. As long as prices trade below the red area, the trend will favor bears. Strong resistance is found above 80.50 until 81. Short-term support is around 79.60. Concluding we favor short positions as long as prices trade below 81 or being neutral until we have a clearer buy or sell signal.
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