On the daily chart, as it was expected, the USDX found dynamic support at the 200 SMA and is currently performing a rebound above it, which is now shifting the focus towards the resistance levels of 95.83 and 96.64 respectively. A pullback towards the level of 94.59 should be expected, but the bullish tone is still alive.
The US Dollar Index is facing the 200 SMA dynamic resistance now offered on the H1 chart, around the level of 95.33, where we a pullback towards 95.08 should be expected. However, if the USDX breaks the resistance level of 95.33, it would be expected to test the zone around 95.68. The 200 SMA is neutral and the MACD indicator remains in the positive territory.
Daily chart's resistance levels: 95.83 / 96.64
Daily chart's support levels: 95.26 / 94.59
H1 chart's resistance levels: 95.33 / 95.68
H1 chart's support levels: 95.08 / 94.71
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 95.08, take profit is at 94.71, and stop loss is at 95.47.
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 27, 2015 . Thanks for your support.
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