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Daily analysis of USDX for October 30, 2015

The short-term outlook is calling for another deeper correction towards the support level of 96.71 where it is also expected to perform a rebound, because of the current 200 SMA location. By the way, if bulls are still getting favored in coming days (next week), a rally should be expected to test the zone of 98.00. The MACD indicator is still on the negative side, but bear in mind the moving average on the H1 chart is slightly bullish.

1446163037_USDXH1.png

H1 chart's resistance levels: 97.51 / 97.77

H1 chart's support levels: 97.16 / 96.71

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is seen at 97.51, take profit is at 97.77, and stop loss is at 97.25.

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