In the daily chart, the USDX stays below the resistance zone of 95.74, without significant changes in our latest outlooks about this index. Also, we're expecting a higher high pattern formation in order to strengthen the current bullish towards at USDX. The 200 SMA is pointing upwards and the price action is favoring bulls.
The short-term outlook is still there with a probability of a higher high pattern formation on the H1 chart. The resistance zone of 95.82 is offering a strong barrier for the USDX to trade in favor of a bullish bias. But we could expect a breakout there soon, because the current structure is already fueling the bullish bias.
Daily chart's resistance levels: 95.74 / 96.97
Dailychart's support levels: 95.00 / 93.95
H1 chart's resistance levels: 95.82 / 96.21
H1 chart's support levels: 95.18 / 94.70
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 93.85, take profit is at 93.07, and stop loss is at 94.63.
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 May 21, 2015 . Thanks for your support.
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