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    USDX technical analysis for March 29, 2016 2016-03-29

    As expected, the Dollar index has started a pullback. Traders should be neutral for a short period of time as we should wait for the Fed Chairman Janet Yellen's speech that will certainly provide some volatility for the forex markets.


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    Blue line - medium-term resistance

    The Dollar index is in a bearish short-term trend. Price is making lower lows and lower highs. It is now testing the Kumo (cloud) resistance and the trend line resistance. Short-term support is at 95.80-95.60. If it is broken, we should expect price to move towards 95.30 which is an important short-term support. At that area I would look for initiating long positions with stops at 94.60. More conservative traders should wait for a breakout above the resistance trend line to initiate long positions.


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