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Dollar Consolidates Prior to Another Upleg


All of the action off of the April 4 high at 83.49 through the first week in May has the right look of a contained, perhaps already completed, corrective period, which, if accurate, means that the U.S. Dollar Index (DXY) is poised for upside continuation towards the designated higher target zones.

Let's notice that the near-term digestion period has enabled the rising 200-day EMA to play catch-up. Now the DXY looks like it is poised to take off again, "using" the rising 200-day EMA as its launch pad.

From an intermediate-term perspective, the next upleg will represent upside continuation from the handle portion of the 2-1/2 year cup-and-handle pattern.

Only a decline that breaks and sustains beneath 81.10 will wreck the current set up.

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