Daily chart: the USDX remains above the support level of 83.74, where this instrument is trying to form a higher high pattern up to the resistance level of 84.29. However, the USDX could begin to move in the range because it is overbought. The MACD indicator stays in positive territory.
H4 chart: The USDX is trying to form a bullish pattern above the support level of 83.65, where the USDX could make a rebound and is likely to try a breakout at the bullish trend line. If it succeeds, it would be expected that to climb up to the resistance level of 84.47. This MACD indicator entering overbought zone.
H1 chart: The USDX is moving in the range above the support level of 83.52, and now, the USDX is trying to again make a breakout at the resistance level of 84.03. If it succeeds, the next goal would be the level of 84.37. The MACD indicator is entering neutral 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 82.85, take profit is at 82.97, and stop loss is at 82.72.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for September 08, 2014 . Thanks for your support.
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