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15.07.201402:45 Forex Analysis & Reviews: Daily analysis of USDX for July 15, 2014

Long-term review

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Daily chart: The USDX remains above the support level of 80.11. So, the USDX is likely to have a bullish momentum in the coming days because of the strength that the support level has accumulated. If the USDX manages to consolidate above the 200 SMA, it is expected to rise to the resistance level of 80.62. The indicator is entering the neutral territory.

H4 chart: The USDX remains below the resistance level of 80.24, which is also located on the bearish trend line. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.35. However, if the USDX does make a breakout at the level of 79.93, it is expected to fall to the level of 79.74. The MACD indicator is in the neutral territory.

H1 chart: The USDX has managed to hold above the support level of 80.15. So, the next target for the USDX would be the resistance level of 80.35. However, if the USDX does make a breakout at that level, it is expected to rise to the level of 80.59. The MACD indicator is in the negative territory.

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 80.15, take profit is at 79.88, and stop loss is at 80.42.

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