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FX.co ★ Daily analysis of USDX for October 02, 2014

Daily analysis of USDX for October 02, 2014

The USDX continues forming a bullish pattern above the trend line at the level of 85.60, so the USDX still has enough bullish strength to continue advance in the medium term. Furthermore, the USDX found strong support on the trend line, so that this instrument is attempting to consolidate above the level of 86.50 . However, USDX could make a pullback at current levels and fall to the support level of 85.06.

Daily analysis of USDX for October 02, 2014

Daily chart's resistance levels: 86.20 – 87.35

Daily chart's support levels: 85.18 – 84.29

The USDX continues to find obstacles in the mild resistance of 86.17 at the H1 chart. Now, the USDX is trying to fall back to the support level of 85.73. However, although the USDX remains bullish due to the current position of the moving average of 200 in this chart. The MACD indicator remains in negative territory, so we recommend caution when placing buy orders at current levels.

Daily analysis of USDX for October 02, 2014

H1 chart's resistance levels: 85.95 – 86.17

H1 chart's support levels: 85.73 – 85.49

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 85.95 take profit is at 86.17, and stop loss is at 85.73.

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