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Although the Dollar index closed this week higher than the previous one, price action was not very helpful to bulls. Price managed to make a higher high than last week, but the end of the week found the index closing near the weekly lows. This has lead to a bearish candlestick formation.
Blue lines- bullish divergence
Red lines- Expected path
In previous posts we noted that we expect the Dollar index to make a multi week pull back following the same pattern with 2017. This week's candlestick pattern formed a higher high but with a close near the weekly lows, has created a long upper shadow (tail). The inability from bulls to hold price near the weekly highs is a sign of weakness. The Rsi has broken below 70 providing us with the reversal we were expecting. The Dollar index is expected to continue lower as long as price is below 96.43. Breaking above this week's high, will increase chances of making a new higher high above 96.88.
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