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FX.co ★ USDX: Daily analysis for November 12, 2013

USDX: Daily analysis for November 12, 2013

Daily chart: The USDX is forming a lower high pattern below the SMA 200 and the resistance at the level of 81.50. If the USDX manages to break that level, it is expected to go up to the resistance at the 82.51 level. On the other hand, USDX is likely to conduct a bearish rebound at current levels and fall to support at the 80.62 level, which is a very strong level. The MACD indicator remains in positive territory.

USDX: Daily analysis for November 12, 2013

H4 chart: The USDX remains above support at the 80.94 level. Now, the USDX is trying to consolidate in the current bullish trend, so it is very likely that this rises to the level of 81.55, where there is a bullish trend line. If the USDX manages to break that level, it is expected to go up to the resistance at the 81.94 level. The MACD indicator remains in negative territory.

USDX: Daily analysis for November 12, 2013

H1 chart: The USDX found resistance near 81.40 level and then, this made a bullish rebound on the support at the 81.09 level, but the USDX still remains very strong in the current bullish trend. If the USDX achieves in break the support level of 81.09, it would be expected to drop to the level of 80.93. Furthermore, it is expected that the USDX rises to the resistance level of 81.40. The indicator is in extremely oversold zone and entering positive territory.

USDX: Daily analysis for November 12, 2013

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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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