The USD has been range bound the last 1+ months, and I am now starting to look for an area for a bounce, or strategic place to enter US Dollar longs. Here is what I see:
The USD index is pushing channel lows, but the 23.6% Fibonacci retracement level comes in at the wedge breakout point (95.30) from the beginning of March. Also, it looks like a channel is forming that coincides with that breakout point near 95.30 level as well.
Blake Morrow
Chief Currency Strategist, Wizetrade
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