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Daily analysis of USDX for August 21, 2015

On the daily chart, bears are pushing the index lower until the support level of 95.50, which is a zone that can be tested in the coming hours at least. That's why we should expect a rebound over there, where a correction should happen before any further lower continuation. MACD indicator remains on the negative territory.


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The short-term outlook is very bearish, as the USDX continues to break supports on the downside road. Now it's testing the support level of 95.74. A breakout there will open the doors to fall until the 95.46 level at least. However, bear in mind the current bias is indicating oversold conditions in the short term.


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Daily chart's resistance levels: 96.57 / 97.57

Daily chart's support levels: 95.50 / 94.59

H1 chart's resistance levels: 96.04 / 96.37

H1 chart's support levels: 95.74 / 95.46

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 95.74, take profit is at 95.46, and stop loss is at 96.04.

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