Dollar Index Stands At A Critical Level

FX:USDOLLAR   Dow Jones FXCM Dollar Index
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Dollar Index             has returned to the upper band of the wedge pattern
and has traded the Monthly Pivot Point . A close above this
level, around 12140, will shift focus to the previous high and Monthly
R1 at 12270. A failure to break out here, may take Index back to
Monthly S1 and perhaps further down for a test of the wedge
floor. Yesterdays close above the Weekly PP suggests further
gains and a test of the Weekly R1 at 12186, but this would mean
a break out of the wedge , which could induce even further gains.
Scalpers could look for dollar weakness on lower timeframes
on some stronger currencies like EUR or JPY, to try to catch a bounce, since technically
it looks like a clean retest of a broken level, with further downside
to expect (after the failure of holding above the wedge .)
Bulls could likewise look for weakness in some suitable
currency pair, and try to catch a break out of the wedge .
AUD and CAD are of interest here though CAD stands right
at the Monthly R1 and has failed to break above it.
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