The USDX has found support in the bullish trend line that is located next to the 88.44 level, as this instrument made a pullback at the resistance level of 89.05. However, the bullish bias remains alive in the USDX, while the 200 SMA on H4 chart remains below the current price of USDX. The MACD indicator is moving into the negative territory.
H4chart's resistance levels: 88.65 / 89.05
H4chart's support levels: 88.44 / 88.27
In the H1 chart, the USDX found support on the 200 SMA, as this instrument could not hold above the resistance level of 88.99. If the USDX reaches the breakout level of 88.71, the next target would be 88.99 in the short term. However, the MACD indicator is entering the oversold.
H1 chart's resistance levels: 88.71 / 88.99
H1 chart's support levels: 88.43 / 88.15
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 88.71, take profit is at 88.99, and stop loss is at 88.44.
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 December 05, 2014 . Thanks for your support.
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