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Stocks and Commodities are moving a good deal higher today…wanted to check the action of the Dollar today, which may have had a good deal to do with a hard down week last week.
Dollar continues to find its 38% Fib level important. It broke above this resistance level last week and this morning declined to test the breakout, as support at (2). On a single day, the $ created a rather bullish wick as it tested dual support!
The Dollar is now getting wedged between overhead resistance and rising support. Considering the upside action in stocks/commodities today one has to be impressed the Dollar held up as well as it has!