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Dollar Index: Weekly Spike Reversal


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Feb 06

After a significant five wave reversal on dollar index intra-day chart from 76.85 region, we decided to look on the weekly chart, which is showing a very bullish set-up for the weeks ahead. You will notice a trend line connected from early 2008 which holds dollar index up for almost 3 years now. In fact, each time the prices moved close to a trend line, a weekly spike occurred, which then sent the US dollar higher. May this scenario repeat!?

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