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Technical analysis of USDX for August 10, 2016

The Dollar index is showing signs of a bearish reversal as we see a minor rejection at resistance levels by Fibo levels and cloud resistance. As I mentioned in my last analysis it is important for bulls to break above 96.30-96.50 in order to confirm the bullish reversal after the NFP numbers from last week.

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With oscillators diverging in the 4 hour chart and turning lower, with a possible rejection at the 61.8% Fibonacci retracement of the decline and at the top cloud boundary, Dollar bulls may be in danger of seeing a new move lower below 95. Short-term resistance at 96.30-96.50. Support is at 95.60.

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The weekly chart shows that the start of the week finds bulls trying to break above the lower Kumo boundary while the oscillators are turning lower. Is this a lower high in the making?Maybe yes, as long as price is below 96.50 the chances of a deeper pull back below 95 are high.The material has been provided by InstaForex Company - www.instaforex.com