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TFC Commodity Trading Forum

U.S.$ Index/Continues its Pullback *PIC*

DX topped out at its 10 month double top of Sept/11. Technicals were very overbought and showing negative divergences at this double top of 83.64. The day of the high price closed with a bearish reversal bar that started the downtrend. Price continues to zig zag down in an orderly manner and back into the old congestion area. Price could pullback to 81 to 80 with inverse markets continuing to rally.Keep an eye on the downtrendline. While this angled line like most downtrendlines (or uptrendlines) are only a 'rate of decline' or 'rate of incline' and not actual price resistance or price support they are a good guide on 'price direction continuation' or 'price direction change'. Seasonal trends for DX in various time periods are bearish from mid June to mid July.