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Forex: US Dollar Index still struggling to find direction on daily chart

FXstreet.com (Barcelona) - The US Dollar Index finished the day flat at 82.37. However, the pair was able to overcome early weakness and at one point traded as low as 82.12. The DXY has been in an extremely choppy range since late February, with neither party able to establish substantial follow through for a sustained period of time. Economic data out of the US will be light the majority of the week which could continue to keep the index range bound.

According to analysts at FXStreet.com, “The short-term view on the contract is inconclusive, with the pair still trapped in a choppy profile. On the downside, 82.00 is the first near by area where buyers appear to be camped, as per May 6 bullish spike, while on the upside, sellers protecting 82.50, as per drop from April 26, are thought to be fading following absorption of offers on the May 3 explosive upmove. Further up, 83.00 round number should see decent offers clustered.”

Additionally they commented, “Pay attention to the index location in order to find converges with USD intraday plays. Demand in the index should provide broad support to the USD, thus potentially increasing chances of a USD long play succeeding intraday. The same applies if playing USD short positions, with the odds further stacked in one's favour when the index faces supply.”

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