The USDX is trading higher looking for an opportunity to test the resistance level of 98.29 after a successful breakout around the level of 97.57 to the upside. The current daily chart structure is still very bullish. The index could consolidate above the 99.00 psychological level in coming days. The MACD indicator is entering the positive territory.
On the H1 chart, the USDX managed to perform a
good rebound above the 200 SMA. We are currently watching a higher
high pattern formation below the resistance zone of 98.09, which
should be broken to the upside in order to test the next high around 98.40. The MACD indicator is entering the overbought territory.
resistance levels: 98.29 / 99.16
support levels: 97.57 / 96.57
H1 chart’s resistance
levels: 98.09 / 98.40
H1 chart’s support levels: 97.65
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at 98.09,
take profit is at
and stop loss is at 97.77.
The material has been provided by InstaForex Company – www.instaforex.com