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Dollar recovery could be on the cards
The dollar is looking like having a strong session today, following some worrying developments earlier this week. The ability to move back above $96.52 is crucial given it represents a key support level in the near-term and the bullish engulfing that is currently being formed could point to a move back towards yesterday’s high of $97.06 and higher.
With this in mind, I am bullish for the dollar index as long as price does not close below $96.52. A bullish engulfing on the four-hour would give me confidence that we are set to see the next leg higher towards $97.06 and possibly $97.31. That would have dollar positive implications for our other USD charts.