Daily chart: The USDX fell to the 200 SMA and there made a bullish rebound, so it is very likely that the USDX will continue to be firm in the current bullish trend. Recall that the next target of the USDX could be the resistance level of 81.50. However, there is still the possibility that the USDX will consolidate again below the 200 SMA. The MACD indicator is in positive territory.
H4 chart: The USDX has formed a fractal below the support level of 80.99. Now, the USDX is trying to break the resistance level of 81.19 again. If successful, it is expected to rise to the level of 81.29. On the other hand, it's expected that USDX will continue making sideways movements for the rest of the week. The MACD indicator is in neutral territory.
H1 chart: The USDX made a bullish rebound above the 200 SMA and has consolidated above the support level of 81.09. Our recommendation was activated yesterday, so it is very likely that USDX make a breakout again at the level of 81.09. On the other hand, USDX is likely to rise to the resistance level of 81.40 after forming a bullish pattern bullish. The MACD indicator is in positive territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks with a bearish candlestick; the support level is at 81.09, take profit is at 80.93, and stop loss is at 81.25.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Daily analysis of USDX for January 23, 2014 . Thanks for your support on Daily analysis of USDX for January 23, 2014
No comments:
Post a Comment