The USDX tried to consolidate above the resistance level of 86.20, and as we see in the H1 chart, the USDX performed a rebound at the support level of 85.18 during the session. Now the USDX continues forming a higher high pattern for a breakout at the resistance level of 86.20. The MACD indicator is entering neutral territory.
Dailychart's resistance levels: 86.20 – 87.35
H4chart's support levels: 85.18 – 84.29
The USDX made a pullback on the resistance level of 86.72, so this instrument is trying to drop to the 200-day moving average, where there is a good chance that the USDX will make a rebound on the level of support 85.73 (200-day SMA), because the USDX has been very strong in the bullish trend for the past few days. The MACD indicator remains in negative territory, that could strengthen the current intraday bearish trend.
H1 chart's resistance levels: 86.17– 86.72
H1 chart's support levels: 85.95 – 85.73
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 85.95, take profit is at 85.73, and stop loss is at 86.17.
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 October 07, 2014 . Thanks for your support.
No comments:
Post a Comment