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Technical analysis of USDX for December 16, 2016

The Dollar index made new highs as expected towards 104. Trend remains bullish. However overbought oscillator signals give a warning for bulls to be cautious as a pull back could start any time now.

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Red rectangle – support

Blue lines – bearish divergence signs

The Dollar index is making new highs but both oscillators are diverging. Short-term support is at 101.80 and 100.80. If broken we should expect prices to move towards 99.50. Trend remains bullish as price continues to make higher highs and higher lows.

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Green line – trend line support

The weekly candle has broken above the long-term 61.8% Fibonacci retracement resistance. It is very difficult to imagine how this weekly candle can turn bearish, but we would like to see next week’s candle validate the break above the resistance. Weekly trend remains bullish as long as price is above 99.44.

The material has been provided by InstaForex Company – www.instaforex.com

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Technical analysis of USDX for December 16, 2016 Reviewed by on . The Dollar index made new highs as expected towards 104. Trend remains bullish. However overbought oscillator signals give a warning for bulls to be cautious as The Dollar index made new highs as expected towards 104. Trend remains bullish. However overbought oscillator signals give a warning for bulls to be cautious as Rating:
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