The USDX found solid floor at the support level of 96.60. Now, it is expected to rise to the next target at 98.01 level because the Index needs to fulfill the bearish gap. By the way, we could expect another pusher lower, as the the USDX is trying to make a correction in favor of a general bullish bias.
On the H1 chart, we can see the USDX working well. It is trying to reach the resistance level of 97.30, which is very close to the 200 SMA. Of course, we expect that bearish gap to be filled in the coming days or hours. Also, be cautious, because the MACD indicator is reaching extreme overbought territory and the 200 SMA is turning flat.
Daily chart's resistance levels: 98.01 / 99.12
Dailychart's support levels: 96.60 / 95.19
H1 chart's resistance levels: 97.08 / 97.30
H1 chart's support levels: 96.54 / 96.25
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 97.08, take profit is at 97.30, and stop loss is at 96.85.
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 April 07, 2015 . Thanks for your support.
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