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    Technical analysis of USDX for March 31, 2016 2016-03-31

    The Dollar index continued its slide towards the previous low of 94.60 and for now it holds above it. As I said yesterday, the price was more likely to move to new lows but we should be looking closely for the possibility of a double bottom formation.

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    Blue area - support

    The Dollar index remains in a short-term bearish trend. The price has stopped the decline right at the blue support area of the previous low. A double bottom formation could be in the process here but it is still too early to tell. A bullish reversal signal will come once the price breaks above the red trend line resistance.

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    On the daily chart, the trend remains bearish but with some bullish divergence signals by the stochastic oscillator. The trend is still bearish but there are signs of a possible bounce at least towards 95.60-95.80. The price remains below the daily Kumo (cloud), so a big reversal signal will be the first to break above the cloud. It is still too early to see something like this. New lows are more probable towards 94-93.70.


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