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Dollar Index breaks above resistance and tests crucial level
Comments from the Federal Reserve’s Dennis Lockhart saw dollar strength came back in to play overnight, with a move above both the descending trendline and 98.05 resistance levels. This is consistent with the overall trend seen in the past two months. A similar situation now arises, where we are at a key resistance level (98.43) which could see some short-term selling come in to play.
However, once we see a break above 98.43, it would likely spark a significant move higher, towards 100 and 100.27. With that in mind, the Dollar Index is crucial to watch given its influence upon the commodity and currency space. Any downside would look at 98.05 as new support, yet given the bullish medium-term outlook, I am awaiting a break above 98.43 for a rise in upside volatility.