Daily chart: The USDX continues moving in a low range below the resistance level of 80.11. If the USDX does make a breakout at that level, the bullish bias could last for several days. However, the USDX is in sideways movements, so caution should be used when placing orders. The MACD indicator is entering overbought area.
H4 chart: The USDX has formed a fractal on the resistance level of 80.09, so we have to wait for the USDX to make a breakout at the resistance level of 80.15 or support level of 79.93, in order to take good trading decisions, because the USDX has not had a defined trend in recent days. The MACD indicator is in negative territory.
H1 chart: The USDX has found resistance at the 80.10 level and now the USDX is trying to approach the 200-day moving average, which is close to the support level of 79.88. If the USDX does make a breakout at the support level, it is expected to fall to the level of 79.64. The MACD indicator is in negative territory.
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 80.15, take profit is at 80.35, and stop loss is at 79.95.
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 May 21, 2014 . Thanks for your support on Daily analysis of USDX for May 21, 2014
No comments:
Post a Comment