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The US dollar index dropped through the 103.50-60 support range during the Asia session on Tuesday as consolidation continues. The index is seen to be trading close to the 103.60 level at this point in writing as bears might be testing support for the last time before giving up. A push above 104.40 will confirm that bulls are back in control and a meaningful bottom is in place above 103.00.
The US dollar index might have completed its corrective drop, which began from the 114.70 highs earlier. The last wave of correction seems to have terminated just above the 103.00 mark and prices bounced higher through 104.50 thereafter. If the above structure holds well, bulls will be poised to come back strong and push through 105.50 and 107.00 respectively.
The index remained subdued within a tight range between 103.40 and 104.30 as seen on the 4H chart presented here. The recent drop to the 103.50-60 zone could be the last wave before a bullish breakout occurs. Prices are expected to push through 107.00 at least if not higher further. Watch out for resistance around 110.50 going forward.
Potential rally against 102.00
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