The U.S dollar has resumed its uptrend after breaking out of a bullish falling wedge pattern on the daily chart and is now sporting an outside bullish reversal on the daily chart. It remains below the 52-week high resistance, but it’s inching closer to new 52 week highs. Once it breaks out above that level, we’ll have to go back to levels seen a few years back to get the next level of resistance. But, for short-term traders, that area of resistance around $84 should serve as a nice target.
Commodities in general continue their weakness as more and more countries continue to report weak economic data with China once again looking at further weakening and Europe continues to contract.
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