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US Dollar Index likely to provide bounce today
Friday’s jobs report provided us with another batch of volatility, yet the impact to the dollar was initial strength, turning to weakness. This has brought price back to the inside trendline we have followed over the past two weeks. This provides a likely point of reversal for the bulls to come back in to play.
For this reason, I believe this is a good point to expect the bulls to come back into prominence today. My bullish bias is relevant unless price closes below the descending inside trendline (currently 97.70).