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#USDX Technical analysis for November 20, 2014

The Dollar index remains inside its sideways trading range. I do not expect the Dollar index to continue much longer inside this range but until it breaks out I need to remain patient and wait for a valid signal. The Dollar index remains in a longer-term up trend and has not given any signs that bulls should exit their long positions yet.


usdx.jpg

Black line = support


Red line = resistance


The Dollar index contnues to trade on top of the Ichimoku cloud. The sideways consolidation could very well be a bullish flag within the longer-term bullish flag I have previously mentioned. If the Dollar index breaks above 88.15, we should expect an upward move towards 91. If the Dollar index breaks below 87, we should expect a pull back towards 86 at least.


usdxd.jpg

Red line = resistance


Blue line = support


The Dollar index remains in a longer-term up trend and the ichimoku cloud indicators support this. The bullish flag pattern remains valid with 91 as my 1st target. Now, that we could have a smaller bullish flag inside this larger bullish flag, the bullish scenario has more chances of success than the bearish one (pull back towards 86 or lower).


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