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Technical Analysis: U.S. Dollar Index

Technical Analysis: U.S. Dollar Index

The weekly price chart below shows last week printed a large bearish engulfing candlestick, which rejected the resistance level at 12361, and closed near the bottom of its price range. The price is below its level from 3 months ago, but slightly above its level from 6 months ago. However, it is below the resistance level at 12361.  We have a preponderance of mostly bearish signs here, suggesting that next week’s action will be bearish.

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