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31.07.2014 01:23 AM
Daily analysis of USDX for July 31, 2014

Daily chart: The USDX has finally hit the resistance level of 81.50, where it is very likely that the USDX start forming a bullish pattern with corrective movements, because the USDX has been in a bullish trend quite pronounced. If the USDX does make a breakout at that level, the next target would be the level of 82.51.

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H4 chart: The USDX is trying to make a breakout at the level of 81.55, where is located one bullish trend line. If successful, it is expected to rise to the level of 82.00. However, the USDX could make a pullback and fall back to the level of 81.02. The MACD indicator remains in positive territory.

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H1 chart: The USDX is forming a bullish pattern above the support level of 81.40. During yesterday's session, the USDX had a strong bullish momentum. If the USDX does make a breakout on the resistance level of 81.58, it's expected to rise to the level of 81.73 in the short term. The MACD indicator is in negative territory.

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Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 81.40, take profit is at 81.58, and stop loss is at 81.21.

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