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12.06.2015 09:16 AM
USDX technical analysis for June 12, 2015

The US Dollar Index bounced strongly towards 95.60 after the fake breakdown below 94.65, but got rejected by the kijun-sen indicator. As long as the price is below the recent high and below the Ichimoku cloud,a trend will remain bearish with increased chances of breaking below 94.65 again.

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Red line = trend line resistance

The US Dollar Index is moving towards lower lows and lower highs. The trend is bearish for the short-term. The price is below the Ichimoku cloud and below the red trend-line resistance. It reached the cloud resistance yesterday and got rejected. This was not a good sign. Support is at 94.85 and at 94.65. If we break below these levels, there will be increased risk of a new low below 93.10.

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A new low below 93.10 will open a way for a deeper correction as shown in the weekly chart above towards the 50% Fibonacci retracement and towards the 90 price level. The kijun-sen weekly support is found at 94.05. A weekly close below that level will be a bearish signal.
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