At the H4 chart, the USDX has met resistance at the bullish trend line near the resistance level of 86.01, so the USDX could be forming a bullish pattern above the 200-day moving average. It is likely that during today's session the USDX will make a rebound on bullish trend line at the level of 85.45 and therefore rise again to the level of 86.01, although the MACD indicator remains in neutral territory.
H4chart's resistance levels: 86.01 / 86.75
H4chart's support levels: 85.06 / 84.52
The USDX is trying to make a rebound at the support level of 85.49, where the 200 SMA is on the H1 chart. If the USDX makes a breakout at the resistance level of 85.73, it's expected to climb back to the level of 85.95 in the short term that means a strong bullish consolidation in the short term and the USDX could have a second wind in the current trend. The MACD is entering neutral territory, which could favor the bullish momentum in the USDX.
H1 chart's resistance levels: 85.73 / 85.95
H1 chart's support levels: 85.49 / 85.27
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 85.95, take profit is at 86.17, and stop loss is at 85.73.
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 28, 2014 . Thanks for your support.
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