Daily chart: The USDX is very strong in the current bearish trend, so it is very likely that during this week, the USDX will start forming a bearish pattern. If the USDX manages to break the support level of 80.11, it's expected to fall to a level of 79.19 in the medium term. On the other hand, if the USDX manages to break the resistance at the level of 80.62, it is expected to rise to the level of 81.05, where the 200-day moving average is located. The MACD indicator is in negative territory.
H4 chart: The USDX has consolidated below the 200-day moving average, which would be a clear indication that the bearish trend is very strong in the USDX. If the USDX manages to break the support level of 80.40, it's expected to fall to the level of 80.25. On the other hand, we must be vigilant against any breakout of fractals near the level of 80.60, as this could be a change of trend. The MACD indicator is entering extreme oversold zone and continues into negative territory.
H1 chart: The USDX is maintained within the range between 80.59 and 80.35 levels. If the USDX makes a breakout at the level of 80.35, it's expected to fall to the level of 80.15 . However, we must be careful when placing buy orders as the USDX remains below the 200-day moving average, so our bearish outlook still remains alive. The MACD indicator is in positive territory and entering extremely overbought zone.
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 80.35, take profit is at 80.15, and stop loss is at 80.55.
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 27, 2014 . Thanks for your support on Daily analysis of USDX for January 27, 2014
No comments:
Post a Comment