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There are a few important points on the weekly chart.
1.) Prices have been lower.
2.) The relative strength of prices is currently very weak
3.) There is little to no momentum
4.) We wee a very bearish orientation -- all the EMAs are moving lower, the shorter EMAs are below the longer EMAs and prices are below all the EMAs.
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The dollar has returned to its status of a great chart to show bearish behavior. Notice how the chart continues to print lower lows (points 1, 2, 3, 4) and lower highs (points A, B, C). There are also two downward sloping trend lines that connect the high points of the downward move.
In addition note the bearish orientation of the EMAs (D). All are moving lower, the shorter are below the lower and prices are below all of them.
