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After a promising, strongly impulsive rally earlier this month, the Dollar Index has shown a worrisome inability to gain altitude. Even so, nearly a month of backsliding has yet to breach the point ‘C” low of the bullish pattern shown in the chart. That could occur with just a little more weakness over the next day or two, and it would be even more bearish if the decline breached a second prior low at 79.02 while it’s at it. We’ll want to keep a close eye on this one, since the condition of the dollar is a key variable in the global slide toward Depression.
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