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15.12.2014 10:57 AM
#USDX technical analysis for December 15, 2014

The Dollar index had a bad week but did not break important support levels so the longer-term uptrend remains bullish. The Dollar index will need to be strong this week otherwise we risk to confirm a trend reversal and a bearish market starting.

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Red line = resistance

Blue line = support

The Dollar index is supported at 87.90-88 area. Short-term resistance is found at 88.50. If it is broken we will challenge the strong short-term resistance at 88.80. Breaking above that level could be the start that ignites the next upward towards 91.

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The bullish flag target remains at 91. The weekly candle is quite worrying but if this week we manage to rally above 88.80 then we have a good chance of making a new higher high to complete the upward move from 79.75. Cloud indicators remain bullish.

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