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An Important Week For the Dollar

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The dollar made a 14 year high to kick off 2017 but quickly reversed leaving a weekly signal reversal bar..

The subsequent follow through saw a turn down of the important 3 Week Chart last week.

The dollar continued lower yesterday flirting with a test of its 20 week moving average around 99.60.

This coincides with a 50% retrace from the election low of 95.88 to the 103.82 high on Jan 3.

103 is 90 degrees square Jan 23 so a possible square-out is on a pullback in tandem with a 50% retrace and a test of the 20 week line.

Further downside follow through indicates a much larger correction is on the table.

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