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    Daily analysis of USDX for May 08, 2015

    The index is calling for the changed current bias, which is bearish, because the level of 93.95 has already provided a good bottom for the USDX. We can confirm this idea only if it does a breakout at the resistance zone of 95.00 and a rally towards thelevel of 96.30 in the medium term. Also, the 200 SMA is still slightly bullish.

    USDXDaily.png

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    In the H1 chart, the USDX is trying to reach the 200 SMA, where it should find solid resistance for the short term. Remember that the zone of 93.85 is a good bottom and the place where the losses were contained. For now, we should remain cautious, as the bearish risk is still there, but it could be invalidated with a breakout at the level of 95.34.

    USDXH1.png

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    Daily chart's resistance levels: 95.00 / 96.30Dailychart's support levels: 93.95 / 92.64H1 chart's resistance levels: 95.34 / 95.94H1 chart's support levels: 94.70 / 93.85

    Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.70, take profit is at 93.85, and stop loss is at 95.56.

    Felipe Erazo neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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