Dollar Index DXY Bouncing off 50SMA

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The US Dollar Index, DXY, is bouncing off its 50SMA (red) on the daily chart. This looks like a sign of strength in the US Dollar as it seems folks are buying this dip and a successful bounce on 50SMA can take the price back to previous highs of 105 on the DXY.
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50dma50smadollarindexDXYdxyindexdxylongTrend AnalysisDJ FXCM Index

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