USDX is still trading above the support level of 96.57 and which could be in front of two possible scenarios. One of them is a rebound towards new highs, possibly doing a breakout around the 97.57 level. The other is a lower continuation below the support zone of 96.57 with a mid-term target towards the 95.50 level.
On H1 chart, USDX recovered some positions to the upside. Now, it's testing the 200 SMA price zone around the 96.88 level. A breakout over there will push the index to test the next resistance level of 97.37, which is above of that moving average. However, a pullback could happen until the 96.37 level before that possible rally.
Daily chart's resistance levels: 96.57 / 97.57
Daily chart's support levels: 95.50 / 94.70
H1 chart's resistance levels: 96.88 / 97.37
H1 chart's support levels: 96.37 / 95.94
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 96.37, take profit is at 95.94, and stop loss is at 96.28.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for August 18, 2015 . Thanks for your support.
No comments:
Post a Comment