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Forex: Choppy trade continues as US Dollar Index remains range bound

FXstreet.com (Barcelona) - The US Dollar Index closed the session down 27 pips at 82.66. Although the DXY did trade as low as 82.46, buyers stepped into take advantage and the pair continued to trend higher to end the day. Advances were once again capped at the downward sloping 20dma (82.71) which will be a key daily pivot to focus on as we end the week. It seems global uncertainty factors such as lower commodity prices and weak economic data is keeping the majority of the major crosses in trading ranges as neither the bulls or bears can sustain a move for an extended amount of time. Thus far during Asia trade, the
US Dollar continues to drift lower with the Aussie and Kiwi being the strongest performers.

According to analysts at FXStreet.com, “Looking at the potential USD behaviour for this Friday, as noted in recent reports, the index's stubbornness to move away from daily 81.50/82.00 demand coupled with the absence of supply intraday until 83.00/8320 - as per the drop-base-drop from last April ahead of 83.50/84.00 daily supply, should see the Greenback well positioned for near term strength. Any weakness on the currency will face intraday fresh demand at 82.15/30 ahead of 82.00/81.50 protection”.

Given the recent choppy/sideways trading on the daily charts, it helps to identify the upper and lower end of these ranges which will act as key pivots in order for the next big move to occur. Looking at the weekly chart of DXY, it appears to be stuck in a wide range between 81.60 and 83.80. These will be key levels, particularly if taken out on a weekly close, to focus on in helping determine the longer term trend.

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