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US Dollar, EUR/USD, GBP/USD, AUD/USD Talking Points:

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The US Dollar[9] is continuing to dig into longer-term support; and at this point, prices in USD are riding along a trendline projection with a batch of confluent Fibonacci levels sitting just below.

This is the same trendline projection that had come into play around the September open, helping to arrest a six-month-sell-off in USD before a bounce showed up in October. That bounce was short-lived, however, and as election results got priced into FX markets, the US Dollar went right back into drop mode and has re-engaged with this bearish trendline.

Accordingly – a number of major pairs are at resistance to go along with this USD support test, including EUR/USD, GBP[10]/USD and AUD/USD[11], all testing big levels on their respective charts.

US Dollar Monthly Price Chart: Digging into Support

US Dollar Monthly Price Chart

Chart prepared by James Stanley[12]; USD, DXY on Tradingview[13]

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