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The USD INDEX traded lower today after retesting the key 114.50 highs. Could this offer some short term opportunities for USD weakness?

Watch the video to learn more…

USD Index Analysis

The USD Index has been on a huge run of recent due to the global inflation pressures and the constant hikes from the Federal Reserve. These pressures still remain however the USD Index has made new lows on the 4hr time frame today. This shows some short term weakness in the USD which could see the price retrace back to the weekly highs at 110.80. The risk came into the market today with stocks and commodities finding support. WTI Crude Oil rallied 5% on the day as the USD weakened. 

USD Index

The chart shows the price failing to hold above the recently formed highs at 114.50. This invited sellers into the market in the short term to see price break through the minor support lows. If the price is going to continue lower we could see a retest of the daily highs of 111.80 or the weekly highs of 110.80. This could lead to short term short USD opportunities if the price was to form a lower high before the price hits the support. 

Did you see our NZDUSD Analysis? You can see it here.

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