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    USDX technical analysis for October 12, 2015

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    Red line - resistance

    Green line - support (broken)

    The US dollar index found the short-term support at the 78.6% Fibonacci level of 94.60. The price is below the Ichimoku cloud confirming the bearish trend. Bulls need to break above the Ichimoku cloud at 96 in order to regain control of the trend.

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    Green line -weekly support

    Red line - weekly resistance

    The US dollar index is still trapped inside the trading range of the bullish flag. However, the weekly candle has entered the weekly Ichimoku cloud. This changed weekly trend to neutral. Bulls should be very cautious as bears are in control now. Only a strong bounce and breakout above 96 could shift trend to bullish again. I prefer to stay neutral over the longer-term as long as the price is inside this range.


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