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Daily analysis of USDX for November 09, 2015

USDX had a very bullish reaction after the positive data shown by the US NFP for October. Technically, the Index is looking to trade around the 100.00 key zone soon. Before that, we should see some breakouts above the 99.25 resistance level because that zone is currently pushing short-term bears on the US Dollar lower. In another scenario, we should be aware of the supports around the 98.31 and 98.03 levels. MACD indicator is reaching the overbought territory.

USDXH1.png

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H1 chart's resistance levels: 99.25 / 99.80

H1 chart's support levels: 98.31 / 98.03

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 99.25, take profit is at 99.80, and stop loss is at 98.71.



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