Daily chart: The USDX has managed to form a fractal above the support level of 80.11. However, it is very likely that the USDX keeps moving in a low range, as part of a correction in the current trend. The next target for the USDX is the resistance level of 80.62. On the other hand, if the USDX does make a breakout at the support level of 80.11, it's expected to fall to the level of 79.19. The MACD indicator is in positive territory.
H4 chart: The USDX remains above the 200 SMA and the support level of 80.09. If the USDX does make a breakout at the level of 80.15, it's expected to rise to the level of 80.44. On the other hand, if the USDX does make a breakout at the support level of 80.09, it's expected to fall to the level of 79.93 that would be a bearish consolidation. The MACD indicator is in the overbought zone.
H1 chart: The USDX has fallen below the resistance level of 80.15, but the USDX remains very close to that level. If the USDX manages to consolidate above this level, it would be expected to rise to the resistance level of 80.35. Otherwise, the USDX could fall to the support level of 79.88. The MACD indicator is entering neutral territory and oversold.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 80.35, take profit is at 80.59, and stop loss is at 80.10.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Daily analysis of USDX for March 24, 2014 . Thanks for your support on Daily analysis of USDX for March 24, 2014
No comments:
Post a Comment