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Can the DXY Make New Highs?
The US dollar has stalled at highs at 109.30 or so. We saw great resistance here, as we anticipated, but have found support around 108.50, a strong technical level. Green triangles on the KRI confirm support here. The markets will likely be quiet until the Fed's Jerome Powell speaks at 10AM EST at the Jackson Hole retreat. If he sounds hawkish, we could make a run for those highs again. The level 109.30 must be broken in order to hit 109.88, our next target.
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