Daily chart: The USDX rose to the 200-day moving average, where the USDX could make a pullback. However, it is expected that the USDX will rise to the resistance level of 80.62. If the USDX does make a breakout at that level, it would be expected to rise to the level of 81.50. For now, caution should be exercised when placing sell orders. The MACD indicator is in positive territory.
H4 chart: The USDX is trying to consolidate above the 80.35 level. If successful, it is expected to rise to the resistance level of 80.60. However, the USDX has been under strong pressure, so it is advisable to place buy orders only if the USDX makes a breakout at the level of 80.60. The MACD indicator is in positive territory.
H1 chart: The USDX has consolidated above the 80.35 level. Now, it is very likely that the USDX will rise to the resistance level of 80.59. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.73. On the other hand, if the USDX makes a pullback at the current levels, it's expected to fall to the level of 80.15. The MACD indicator is in negative territory.
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 80.59, take profit is at 80.73, and stop loss is at 80.45.
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 May 26, 2014 . Thanks for your support on Daily analysis of USDX for May 26, 2014
No comments:
Post a Comment