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    Daily analysis of USDX for May 14, 2015

    On the daily chart, the current levels are very crucial for the current trend development, because it's trying to break the support zone of 93.95 in order to reach 92.64, the key level which has not been visited since the beginning of the year. Now, the bearish bias is favoring this view and we could expect more room to fall in the coming days.

    USDXDaily.png

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    On the H1 chart, the USDX is forming a bearish pattern below the resistance level of 93.85, after a dramatic fall from the level of 94.70, which is very close to the 200 SMA. There is still a strong bearish risk alive in our short-term outlook. Also, the USDX is still trading in favor of the overall structure in the short and mid term. The MACD indicator is in positive territory. So, be cautious anyway.

    USDXH1.png

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    Daily chart's resistance levels: 93.95 / 95.00Dailychart's support levels: 92.64 / 91.41H1 chart's resistance levels: 93.85 / 94.70H1 chart's support levels: 93.07 / 92.37

    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 93.07, take profit is at 92.37, and stop loss is at 93.80.
    Uitgevoerd door, Analytische expert
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