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Update II: Dollar Has A Bullish Path


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Sep 10 2015

USD Index turned sharply up from 92.50 at the end of August, clearly in five waves which means that dollar is back on bullish track. That said, any downward retracement should be temporary and corrective. On the 4h chart we are tracking a wave 2) pullback which is now approaching an important support at 95.20 of a wave four of one lesser degree. Ideally market will turn up from there into a new bullish impulse. At the same time we also see a head and shoulder pattern, currently with right shoulder near completion. In that case an upward continuation will be confirmed once neckline is broken around 96.40.

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