At the H4 chart, the USDX rose from the level of 85.20 to the resistance level of 86.01 where the USDX has begun to form a bullish pattern. In the medium term, we can see that the USDX has enough room to rise to the level of 86.40, where one bullish trend line is on this chart. In addition, the MACD indicator remains in positive territory, although the USDX could make a pullback at current levels.
H4chart's resistance levels: 86.01 / 86.75
H4chart's support levels: 85.06 / 84.52
The USDX had a strong bullish momentum above the 200 SMA on the H1 chart. For now, the USDX could begin to form a higher high pattern to attempt a breakout on the resistance level of 86.17. If successful, the next target would be the level of 86.40 in the short term. However, the USDX could perform a retracement to the support level of 85.73, to then continue the bullish trend. The MACD indicator remains in positive territory.
H1 chart's resistance levels: 86.17 / 86.40
H1 chart's support levels: 85.95 / 85.73
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 85.27, take profit is at 85.03, and stop loss is at 85.49.
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 30, 2014 . Thanks for your support.
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