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07.10.201403:14 Forex Analysis & Reviews: Intraday trading recommendations on USDX for October 07, 2014

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USDX

Exchange Rates 07.10.2014 analysis

The US dollar started this week on a bearish note, being unable to breach previous week's high of 86.75. In yesterday's session, the US dollar erased its Friday's gains completely and fell to a 5-day low. The USDX managed to pull back from the 5-day low and close above Friday's opening price. It represents the bulls using every dip to buy. Today, as of now in the Pacific session the USD index made a high at 85.93 and started falling towards the previous day's low at 85.18. The index has the nearest support at 85.07 levels (20Dsma).

Exchange Rates 07.10.2014 analysis

We recommend buying at the current market price of 85.18 using sl 85.07 and targets at 85.45, 85.65 levels. The prices are closed and trading below hourly key moving averages (12ema). In the early Pacific hours, the price was rejected at 34hrsma and drifted lower to 20Dsma. In case, if the price manages to trade above 34hrsma at 85.95, it can extend its increase towards 86.13. Safe buying will be triggered only above 86.15 (21hrsma). On the down side, the index has support at 85.18, the previous day low, and an 8-hour low, below this, 85.07 (20Dsma) will act as strong support during the week.

Trade-

Buy at cmp 85.18 using sl 85.07 and targets at 85.45, 85.65. levels

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