On the H4 chart, the USDX attempted to perform a consolidation above the bullish trend line at the level of 89.85 but failed. Now, the USDX is conducting a retracement, which may extend to the support level of 88.65, but for this, this instrument would have to make a breakout at the level of 89.05. The MACD indicator is moving into the negative territory.
H4chart's resistance levels: 89.85 / 90.25
H4chart's support levels: 89.05 / 88.65
Again, the USDX found strong resistance at the level of 89.51 and in that area, the USDX made a pullback to the support level of 88.99. This instrument is likely to make a rebound from the current levels and up to the level of 89.25. For now, caution is advised when placing sell orders, because the USDX remains above the 200-day moving average on the H1 chart. The MACD indicator remains in the negative territory.
H1 chart's resistance levels: 89.25 / 89.51
H1 chart's support levels: 88.99 / 88.71
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 89.25, take profit is at 89.51, and stop loss is at 89.00.
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 09, 2014 . Thanks for your support.
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