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03.07.2014 02:13 AM
Daily analysis of USDX for July 03, 2014

Daily chart: The USDX has made a bullish rebound near the 79.70 level and now the USDX is forming a higher low pattern. If the USDX does make a breakout at the support level, it is expected to fall to a support level of 79.19. For now, the USDX remains strong in the bearish bias. The MACD indicator is in negative territory.

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H4 chart: The USDX has been strengthened again over the support level of 79.93, so the USDX is trying to form a higher low pattern to continue falling. If the USDX does make a breakout at that level, it would be expected to fall to the level of 79.50, at which one bullish trend line is. The MACD indicator is in positive territory.

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H1 chart: The USDX is closing in on the 200-day moving average, which is close to the resistance level of 80.15. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.35 that would begin a short term bullish bias on the USDX. The MACD indicator is in the overbought zone.

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Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 79.64, take profit is at 79.39, and stop loss is at 79.90.

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