InstaForex - Analytics

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Daily analysis of USDX for June 30, 2015

On the daily chart, the USDX has pulled back from its highs after a bullish gap, which was formed on the back of developments in Greece. The support zone around 94.66 is still the closest one on the downside, but the USDX could start trading higher if it does a rebound at that support. In case of success, it will test the next resistance at the level of 95.74.

USDXDaily.png

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Index closed the bullish gap falling below the 200 SMA on the H1 chart. Now, the USDX is forming a lower low pattern and looking for an opportunity to break the support level of 94.77. Anyway, a rebound at the current levels will help the USDX consolidate again above the moving average mentioned before. The MACD indicator is reaching the oversold territory.

USDXH1.png

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Daily chart's resistance levels: 95.74 / 96.57

Daily chart's support levels: 94.66 / 93.63

H1 chart's resistance levels: 95.09 / 95.48

H1 chart's support levels: 94.77 / 94.40

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 95.09, take profit is at 95.48, and stop loss is at 94.71.



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