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25.11.2013 01:08 PM
#USDX analysis for November 25, 2013

The Dollar index retraced 76,4% of the previous 5 wave upward move from 80.50. Prices made a downward correction and we should expect soon an upward reversal. The short-term pattern favors the bulls as after the 5 waves up and their downward correction, we should anticipate a new upward 5 wave move towards 81.50 at least.

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Short-term resistance is found at 81.15 and short-term support is found at 80.65. The decline is currently in a 3 wave form and this supports our short-term bullish view. Bulls however will need to break above 81.15 to confirm our view in an impulsive pattern.

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The daily chart shows how the current sideways consolidation between 81 and 80.50 is near its end. The triangle correction will soon end and prices are expected to start a new move. Breaking below 80.50 could push prices towards 80.15. Breaking above 81.15 could push prices towards the recent highs at 81.50. Breaking above those highs we should expect a move towards 83.

Summary
Urgency
Analytic
Alexandros Yfantis
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