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USDX technical analysis for March 3, 2016 2016-03-03

The Dollar index continues to trade inside the upward sloping channel. With Non-Farm Payrolls expected to be announced tomorrow, any prediction is dangerous and traders should better stay on the sidelines.

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The Dollar index is trapped between the 61.8% and the 78.6% Fibonacci retracement levels. Price remains above the Ichimoku cloud and is making higher highs and higher lows. Short-term trend is bullish as long as price is above 97.80.

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The weekly chart shows that the current week is balanced between bulls and bears, most probably waiting for the NFP numbers tomorrow. A lower high relative to 99.80 and a break below the kijun- and tenkan-sen indicators will be a bearish sign that will push the index towards the Kumo (cloud). On the other hand a break above 99.80 will confirm bullish trend and that pull backs should be bought.



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