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Daily analysis of USDX for August 12, 2015

USDX continues to make bearish moves below the resistance level of 97.57, as we can see it on the daily chart. That's why we're waiting for another push lower towards the support zone of 96.57. The overall structure is still bullish and 200 SMA is slightly pointing upward. However, be cautious with a possible breakout of that support.

USDXDaily.png

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On H1 chart, USDX has been trading below the 200 SMA and the support zone of 97.12 continues to be a very big obstacle for bears. However, a breakout could happen there if the Index is capable of building another bearish pattern. On the other hand, USDX can make a rebound at current levels, but bear in mind the latest support found at the session on July 31.

USDXH1.png

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Daily chart's resistance levels: 97.57 / 98.29

Daily chart's support levels: 96.57 / 95.50

H1 chart's resistance levels: 97.65 / 98.09

H1 chart's support levels: 97.12 / 96.88

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 97.65, take profit is at 98.09, and stop loss is at 97.22.



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