On the daily chart, USDX is finding strong bottom across the 93.00 level. The 200 SMA is located very close above that zone. We should take the current move as a corrective one in favor of the overall long-term bullish trend. However, this should be invalidated when a
breakout happens below the 89.00 psychological level.
Index continues to strength the
bearish bias on H1 chart with a lower low pattern formation above
the 93.18 level, where a support zone is located. The lower push
could continue during the coming hours as the USDX is still weak
in a short-term outlook, but the corrections will come soon. MACD
indicator is entering the positive territory.
resistance levels: 93.71/ 94.59
support levels: 93.00 / 91.70
H1 chart’s resistance
levels: 93.78 / 94.39
H1 chart’s support levels: 93.18
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 93.18,
take profit is at
and stop loss is at 93.62.
The material has been provided by InstaForex Company – www.instaforex.com